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Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed borrowers without Freddie Mac’s prior approval and up to an additional six months with prior approval. This means unemployed borrowers may be eligible for up to 12 months of forbearance.
Good news for unemployed homeowners at last, as Fannie Mae says it will provide additional aid to those who are out of work and struggling to pay their mortgages, by extending the forbearance.
· Mortgage finance firm Freddie Mac will give unemployed borrowers a break on their mortgage for up to one year.
Freddie Mac gave unemployed homeowners who are struggling to pay mortgages owned or guaranteed by the company a break on Friday when it eased its temporary forbearance restrictions. Effective February.
Freddie Mac extends its mortgage forbearance program for the jobless to up to 12 months.
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Freddie Mac Extends Forbearance To Unemployed Freddie Mac has given mortgage servicers the authority to expand loan forbearance to unemployed borrowers an additional six months for a total of one.
If your mortgage is owned by Freddie Mac, you may be eligible for temporary relief through Freddie Mac Unemployment forbearance options offered by your mortgage servicer (the organization to which you send your mortgage payments). These options allow for a reduction or suspension of your mortgage payments for a period of up to 12 months, helping you with your mortgage challenges while you are unemployed.
If you qualify, your lender can offer you short-term forbearance for 6 months, where your mortgage payments are either reduced or suspended. Extended unemployment forbearance. If you remain unemployed when the short-term forbearance period ends, your lender will evaluate your eligibility for extended unemployment forbearance and may extend your forbearance period for up to another 6 months.
Freddie extends mortgage forbearance for unemployed Posted on January 8, 2012 – 06:26 PM by Steve Thomas Mortgage finance firm Freddie Mac will give unemployed borrowers a break on their mortgage for up to one year.
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.