Fannie Mae Issued New Forbearance Guidelines for Unemployed Borrowers who are Behind on Their Mortgage Payments
Fannie Mae issued new guidelines to its servicers this week that allow lenders offer a temporary forbearance program of suspending or reducing the monthly payments for borrowers who are unemployed. Servicers can approve six months of unemployment forbearance without obtaining GSE approval and an additional six months after obtaining GSE approval. The program is designed to help homeowners in danger of default and can be implemented in cases where homeowners have already missed payments. However, not more than 12 payments total may be missed, and homeowners must pay back lower or skipped payments over a longer loan period. Fannie Mae issued these guidelines after Freddie Mac recently issued similar guidelines.
Both Fannie Mae and Freddie Mac have said that it is up to mortgage loan servicers lenders to implement these new guidelines but they are requiring lenders to begin including consideration of a forbearance plan among other foreclosure prevention options.
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