Fannie Mae unveils new forbearance program for unemployed

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Govt. Shutdown, Your Pay and Your Mortgage Following a similar move made by mortgage giant Freddie Mac, unemployed borrowers who have their mortgages owned or guaranteed by Fannie Mae may be eligible for up to 12 months of forbearance starting March 1, 2012. The new Fannie Mae policy mirrors Freddie Mac’s move to double the existing forbearance policy’s eligibility period and allows.

Many are participating in the administration’s Home Affordable Modification Program and all servicers for Fannie Mae and. assisting unemployed borrowers must take priority. MBA fully supports the.

Treasury to Announce New Program to Avoid Foreclosure The Treasury Department released guidelines and forms for its new home affordable foreclosure alternatives program (hafa). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program.

Even though I have already had a modification, would I still be able to apply for this program? How is your credit effected during the forbearance? I ask because of concerns of having credit checks run with new employment. Thanks a lot!

Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions.. Making sense of the story. In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several months’ grace from or reduction in.

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.

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HousingWire: Fannie Mae Unveils New Forbearance Program for Unemployed PortlandForeclosure.com: Mortgage Forbearance or Repayment Plan HUD.gov: Obama Administration Offers Additional Mortgage.

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.. With unemployment forbearance, the servicer reduces or suspends monthly payments for a specified period for a borrower who is unemployed.

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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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