Just over a week ago, powerful storm systems ripped through the Great Plains, producing the mega tornado that ravaged Moore, OK. The damage done by the Oklahoma tornado is equal to 96 percent of Manhattan’s landmass. Winds shrieked over 200 miles per hour, considerably stronger than Hurricane Katrina and any other storm in recent history. As an outpour of volunteer and recovery efforts get underway across the nation, mortgage lenders are providing mortgage relief to help victims in Moore, OK as well.
How Freddie Mac is Providing Mortgage Relief for Tornado Victims
Freddie Mac has released a comprehensive overview of their extensive mortgage relief efforts for homeowners, especially those who had their homes destroyed in the horrific tornado. Now declared a Major Disaster Area by the President, Moore residents are receiving a full range of mortgage relief options from Freddie Mac. These include:
Extensions. For those who were struggling with mortgage debt and facing foreclosure, Freddie Mac has now suspended evictions for up to the next year. This will allow homeowners with mortgage debt to rebuild their homes, lives, and finances in the aftermath of this natural disaster.
Waived fees. For homeowners who experienced damage of any sort in Moore, OK, Freddie Mac has waived all penalties and late fees.
Lenience. Instead of reporting forbearance, missed payments, and any other delinquencies to credit agencies, Freddie Mac is ignoring any of these situations caused by the disaster.
Standard policies. For those who have homes in Moore, OK, but were unaffected, Freddie Mac is still offering its usual relief policies.
Aside from this mortgage relief from Freddie Mac, the US Department of Housing and Urban Development is providing support for the victims in Moore, OK as well. A 90-day moratorium will help homeowners rebuilding and recovering from the recent Great Plains tornados. Aside from the city of Moore, Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie were all declared federal disaster areas by the President as well.