Fannie Mae unveils new forbearance program for unemployed

On January 6, Freddie mac published bulletin 2012-2, which allows servicers to offer eligible borrowers a short-term unemployment forbearance period, and the possibility of an extended unemployment forbearance period, if needed. On January 11, Fannie Mae followed with Servicer guide announcement svc-2012-01, implementing a substantially similar program.

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Home Affordable Unemployment Program (UP). At the end of the forbearance, you may be evaluated for a mortgage modification through HAMP.. This program is not available for Fannie Mae or freddie mac mortgages, but they do have their own programs for unemployed homeowners.

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. Any foreclosure proceedings are suspended during the forbearance period. The unemployment forbearance program applies only to loans owned by Fannie Mae or Freddie Mac, which make up about half.

Fannie Mae and Freddie Mac Unemployment Forbearance program. Fannie Mae and Freddie Mac have enhanced their Unemployment Forbearance program for homeowners who have lost their jobs. It is a proactive approach that is offered to the unemployed who are struggling with keeping up with their home loan payments.

According to the GSE, the program simplifies and streamlines the use of forbearance options by providing specific guidelines. Fannie Mae unveils new forbearance program for unemployed Sign In

Freddie Mac has announced an extension of forbearance for unemployed borrowers of up to 12 months. According to Freddie Mac, almost 10 percent of delinquencies in the GSE’s portfolio are linked to.

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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.

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. Any foreclosure proceedings are suspended during the forbearance period. The unemployment forbearance program applies only to loans owned by Fannie Mae or Freddie Mac, which make up about half.

and principal forbearance or forgiveness. Two of the nation’s largest mortgage holders, Fannie Mae and Freddie Mac, adopted that end goal – a 20 percent payment reduction – for their new.

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