Freddie Mac Announces Up to 12-Month Forbearance for Unemployed and Fannie Mae did the same this week also.
Posted: 12 Jan 2012 09:37 AM PST
Effective Feb. 1, Freddie Mac (and now Fannie Mae too) is giving mortgage servicers expanded authority to provide six months of forbearance (not making payments with prior approval) to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period.
It’s important to note:
- This applies to FannieMae/Freddie Mac-owned or guaranteed loans only.
- There is ACTION required. The homeowner must contact the servicer to request the forbearance.
- Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to apply.
To find out if your loan is a Fannie or a Freddie try the links below:
Fannie Mae Loan Lookup
http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac Loan Lookup
https://ww3.freddiemac.com/corporate
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