Freddie extends mortgage forbearance for unemployed

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Fannie Mae and Freddie Mac, are revising their policies on forbearance when unemployment interferes with a borrower’s ability to stay current on a loan. Forbearance is a process in which a lender or.

 · If you’re unemployed and in danger of losing your home, you may find some relief through a new forbearance program announced earlier this month by Fannie Mae and Freddie Mac. Under the new forbearance program, unemployed borrowers may be allowed to defer all or a portion of their monthly mortgage payment for up to 12 months.

 · Mortgage servicers can now approve unemployed borrowers with Freddie Mac owned- or guaranteed-loans for six months of forbearance without prior approval from Freddie Mac. Servicers can extend the forbearance period up to an additional six months with prior freddie mac approval, giving eligible unemployed borrowers with Freddie Mac owned- or guaranteed-mortgages up to one year of.

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.

Relief for unemployed homeowners has come in the form of up to 12 months mortgage forbearance to borrowers with Freddie Mac owned or guaranteed loans. U.S. mortgage finance giant Freddie Mac says it.

The mortgage forbearance is valid as long as the borrower performs the new conditions set out in the forbearance agreement by making the required payments. Both the lender and the borrower are obligated to keep to the terms of the new agreement. If you need help with mortgage forbearances, you can post your legal need on UpCounsel’s marketplace.

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Stop Foreclosure Redding | 530-276-8325 | Stop Redding Foreclosure | 96001| Prevention  · Freddie Mac has announced that it is allowing mortgage servicers to offer six months of forbearance to unemployed borrowers without Freddie Mac.

Freddie Mac extends its mortgage forbearance program for the jobless to up to 12 months.

More than two dozen members of the House of Representatives have asked the Obama administration to extend the forbearance period for unemployed borrowers with mortgages held by Fannie Mae and.