Freddie Mac has announced immediate mortgage relief options for homeowners affected by the devastating wildfires in Los Angeles. These relief measures aim to provide financial flexibility during a difficult time.
What Is Freddie Mac Offering?
Freddie Mac’s relief program includes up to 12 months of mortgage forbearance with no late fees or penalties. If your property or employment has been affected, relief options are available.
Who Qualifies for Mortgage Relief?
You may qualify if:
Your home experienced an insurable loss.
Your property is in a Presidentially-Declared Major Disaster Area with individual assistance designations.
Your employment has been affected, impacting your ability to pay your mortgage.
Relief Benefits
While on forbearance, Freddie Mac suspends foreclosure and other legal proceedings. Once you’re back on your feet, you can choose from several repayment options.
Repayment Options Explained
Lump Sum Reinstatement
Pay all missed payments in one go.
This is optional and never required.
Repayment Plan
Pay extra each month to gradually catch up on missed payments.
Payment Deferral
Resume regular payments.
Missed payments are added to the end of your loan without penalties or extra interest.
Loan Modification
Adjust your loan terms to reduce monthly payments if you face long-term financial hardship.
How to Access Mortgage Relief
Contact your mortgage servicer as soon as possible. This is the company you send your mortgage payments to. They will guide you through your available options and help you begin the process.
Support Beyond Homeowners
Freddie Mac also provides resources for renters in disaster-affected areas. Renters can access planning tools, recovery resources, and guidance for navigating natural disasters.
Why Freddie Mac Stands Out
Since 1970, Freddie Mac has worked to support families during challenging times. Their mission is to promote housing stability and equity across the nation. This commitment continues as they assist homeowners impacted by natural disasters.
Need More Information?
Visit My Home by Freddie Mac for detailed FAQs and resources on disaster relief.
If your home or livelihood has been impacted by the Los Angeles wildfires, take action now. Freddie Mac is ready to help you regain financial stability.
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Best Option Mortgage is a DBA of ML Mortgage Corp. ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2025 ML Mortgage Corp. All rights reserved.