· Fannie Mae Extends Mortgage Relief for Unemployed Borrowers 01/11/2012 By: carrie bay fannie mae issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default.
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Servicing Guide: Main Page. Part D: Providing Solutions to a Borrower. The servicer must receive Fannie Mae’s prior written approval for a forbearance plan to exceed a cumulative term of 12 months as measured from the start date of the initial forbearance plan, or. The forbearance plan.
· Fannie Mae and Freddie Mac say they will extend their existing programs so that unemployed borrowers can defer part or all of their monthly payments for up to 12 months.
Fannie Mae Extends Mortgage Relief for Unemployed Borrowers . Unemployment Forbearance . Fannie Mae issued new guidelines to its servicers 01/11/2012, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default.
· Fannie Mae issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial.
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· Freddie Mac and Fannie mae announce mortgage forbearance extension In another move geared to moving the housing market recovery along, the two major mortgage players, Freddie Mac and Fannie Mae, last week announced expanded relief programs for homeowners struggling with their loans due to joblessness. The thought that relieving some of the stress from the.
Freddie Mac and Fannie Mae are now offering unemployed homeowners an extended forbearance, reducing or suspending mortgage payments for up to a year. This is an increase from the current program in which homeowners can apply for 6-month forbearance. This program is slated to start on February 1, 2012.
Report: Foreclosure Inventory Hits Record Level in June Financial markets largely shrugged off the report. June had been on the market for less than a month. “The underlying fundamentals are indicative of a continuation of the broad-based housing market.
The loan will eventually need to be paid back. The new policy is by no means a freebie but will definitely help several people that just need time in order to fulfill their mortgage payments. Call a Fannie or Freddie servicer today to see if you qualify for a forbearance plan. Find out more about Fannie and Freddies new Forbearance policy.