Freddie Mac Extends Protection For Service Members

Freddie Mac has instructed its servicers to delay initiating foreclosure for at least nine months for financially troubled service members who are released from active duty through the end of 2011 and have Freddie Mac-owned mortgages.

Freddie Mac says its decision to extend the nine-month foreclosure stay will give lenders more time to work with service members who are having difficulty paying their mortgages. The company is making this protection a requirement for servicing its mortgages, although its original authorization in the Housing and Economic Recovery Act of 2008 expires on Dec. 31, 2010.

SOURCE: Freddie Mac

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