Freddie Mac will delay initiating and resuming foreclosure for at least nine months for financially troubled service members released from active duty through the end of 2011.
The decision will give lenders more time to work with service members and explore relief options designed to assist them, according to a statement from Freddie Mac.
“Our military make sacrifices every day to protect our homes and families,” said Anthony Renzi, EVP of single family portfolio management at Freddie Mac. “This small act will protect financially troubled service members when they return from active duty by giving them more time to work with their lender to stay in their home.”
The new protective measure is now a requirement for servicing mortgages with Freddie Mac.
Its original authorization in the Housing and Economic Recovery Act of 2008 (HERA) expires December 31. The nine-month stay was initially authorized for service members under amendments to the service members Civil Relief Act (SCRA) included in HERA.
Freddie Mac also provides a 6 percent interest rate cap to assist service members that can be applied to eligible mortgages to include a service member’s period of active duty and one year after release from active duty.
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