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Fannie Mae’s new directive mirrors the unemployed forbearance guidelines issued by Freddie Mac last week.. Fannie Mae extends mortgage relief for Unemployed Borrowers. mac-extends.
Mortgage finance firm Freddie Mac just announced that it will give unemployed borrowers a break on their mortgage for up to one year. "These expanded forbearance periods will provide families
UP Basics. The borrower must be unemployed and eligible for unemployment benefits, use the home as his primary residence, have taken out the loan no later than Jan. 1, 2009, and owe no more than $729,750 on the mortgage balance. Borrowers who have fallen behind on payments, or expect to fall behind, may apply for UP.
NEW YORK ( MainStreet) — Forbearance doesn’t have to be a dirty word for the unemployed homeowner. In fact, it may be a lifesaver, and Freddie Mac is out to prove why. The mortgage heavyweight is.
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.
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.
Servicers can extend the forbearance period up to an additional six months with prior approval, giving eligible unemployed borrowers with Freddie or Fannie owned- or guaranteed-mortgages up to one.
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Unemployment Forbearance. Extended unemployment is a reality that many borrowers continue to face. As a Freddie Mac Servicer, you have additional solutions to help unemployed borrowers keep their homes.
Note: Unemployment is considered a temporary hardship. You must consider unemployed borrowers for unemployment forbearance under Guide Sections 9203.22 through 9203.24. Unemployment benefits may not be considered a source of income for a modification. Streamlined Eligibility for Certain Borrowers
Studies Show HAMP Promotes Strategic Default on Mortgages "Given the amount of negative equity in the mortgages under trial modifications, strategic default may become a factor in HAMP re-defaults, as borrowers decide that it makes more economic sense for them to walk away from their mortgages, and rent at a lower cost, rather than continue to make higher payments that may never result in them.
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