“Freddie Mac and its partners stand ready to provide immediate assistance to those impacted by Typhoon Mawar,” said
Once out of harm’s way, homeowners whose homes are impacted should contact their mortgage servicer—the company they send their monthly mortgage payments to— as soon as possible to talk about available mortgage relief options. This also includes homeowners whose places of employment have been impacted resulting in a financial hardship that prevents them from being able to make their monthly payment.
When they are back on their feet, homeowners have several options to make up the missed payments, including additional forbearance, if needed.
- Reinstatement. The option for a lump sum payment is available, but never required, if the homeowner’s loan is owned by
Freddie Mac . If possible, however, it is the fastest way to get back on track. - Repayment plan. Homeowners pay more each month on top of their existing mortgage payment to make up the missed payments.
- Payment Deferral. This option is available if homeowners can resume making their regular monthly payment. With payment deferral, homeowners become immediately current on their mortgage and missed payments are added to the end of the mortgage term without interest or penalties.
- Loan modification. If a homeowner is facing a long-term financial hardship but can make a reduced mortgage payment, a modification may be the best option.
Affected homeowners currently on a COVID-19-related forbearance or other relief plan, including from a previous natural disaster, should contact their servicer to discuss options.
More information is available on My Home by
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Chad_Wandler@FreddieMac.com
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