Earlier today, Freddie Mac reminded its servicers of the disaster relief options available to borrowers with Freddie Mac-owned mortgages who were affected by Hurricane Ike.

“Freddie Mac and the nation's mortgage servicers will work together to bring some measure of financial relief to homeowners affected by Hurricane Ike,” said Ingrid Beckles, VP of servicing and asset management at Freddie Mac.

Servicers can offer relief under Freddie Mac guidelines to borrowers whose homes were damaged or destroyed, as well as borrowers who may be unable to make their mortgage payments because they were evacuated to avoid the storm, the company said. Servicers are directed to assess each case individually to determine if relief is warranted and which option best fits the homeowner's circumstances.

In addition, Freddie Mac gives servicers the discretion to reduce or suspend mortgage payments or foreclosure proceedings for up to 12 months for borrowers with Freddie Mac-owned mortgages in federally declared major-disaster areas, such as the storm-ravaged coastal regions of Texas and Louisiana.

Freddie Mac strongly encourages servicers to extend several other measures to help affected borrowers with Freddie Mac-owned loans, such as waiving penalties or late fees and not reporting forbearance or repayment plan to the nation's credit bureaus.

Freddie Mac also said it will allow forbearances on mortgages on multifamily properties materially damaged by the storm. Affected properties will be evaluated on a case-by-case basis.

For more information regarding Freddie Mac's disaster relief guidance, click here.