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Freddie Mac to extend relief services to borrowers living in the South

Freddie Mac is offering homeowners in the South affected by tornadoes some financial relief.

Freddie Mac is offering homeowners in the South affected by tornadoes some financial relief.

For people who packed up moving trucks and headed south last month, it was a terrible time to move, as states like Tennessee, Alabama, South Carolina and Mississippi were pounded with a devastating string of tornadoes.

While the financial impact of the storm will likely be long lasting for many families, Freddie Mac is trying to make things easier for borrowers by extending some of its relief services to clients.

"Freddie Mac and the nation's mortgage servicers will work together to advance available mortgage relief to homeowners affected by these devastating storms," said Anthony Renzi, executive vice president of single-family business, operations and technology for Freddie Mac.

The mortgage giant says there are a number of ways homeowners can take advantage of Freddie Mac's relief program that will enable borrowers to financially recover. For instance the program can suspend foreclosure proceedings for a year.

Homeowners aren't the only ones that have been financially affected by the hundreds of tornadoes touching down last month. According to EQECAT, a catastrophe risk modeling company, the number of people filing home insurance claims will wind up costing local insurance companies between $2 billion and $5 billion.