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Mortgage financier Freddie Mac announced late last week that it was expanding its forbearance program for unemployed borrowers.. Beginning on February 1, mortgage loan servicers will be able to offer forbearance to unemployed borrowers for up to six months without prior approval from Freddie Mac.
A loan modification might reduce your monthly payments and prevent a foreclosure.. usually involves lowering the interest rate and extending the term of the loan.. has resumed earning income after a period of unemployment might qualify for a. qualify for a Fannie Mae or Freddie Mac modification, an FHA modification,
Freddie Mac will extend its mortgage forbearance program for unemployed homeowners to up to 12 months. Previously, Freddie Mac allowed mortgage servicers to give homeowners up to three months of.
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The company said it did grant longer forbearance terms, but only for events such as natural disasters. Under the new policy, those mortgage companies will be able to automatically extend the borrower’s forbearance for six months and expand it to a year with Freddie Mac’s approval.
Under a new Freddie Mac mortgage modification option, after the disaster forbearance ends, the servicer can add skipped payments to the outstanding loan balance and extend the mortgage term, while.
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Fannie Mae is updating its requirements to allow mortgage servicer to approve forbearance to recently unemployed borrowers. "If forbearance extends beyond the sixth consecutive month of forbearance.
The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie. Freddie Mac can approve an additional six months after that. Previously, Freddie Mac allowed servicers to grant up to three months of forbearance with no payment, or six months at a reduced payment, without prior approval.
Fannie Mae is introducing a new mortgage loan modification jointly developed. Modification Post Disaster Forbearance and Fannie Mae Cap and Extend. with Servicing Guide D2-1-02, Using Freddie Mac's Imminent Default. Plan to an Unemployment Forbearance, the borrower may subsequently be.
The Obama Administration made adjustments to the Federal Housing Administration program that will require servicers to extend the forbearance period for unemployed homeowners to 12 months. The.