Great news for homeowners who are unemployed and having a hard time finding work when it comes
to having to make mortgage payments with no source of income. Freddie Mac's loan serving companies are no longer required to get pre-approval from Freddie Mac to approve up to six months of skipping mortgage payments for unemployed borrowers. Freddie Mac loan servicers can now grant forbearances without prior approval from Freddie.
More good news...for those having a problem finding work for longer than six months, those borrowers can apply for an entire year of forbearance, but it requires per-approval from Freddie Mac for the additional six months.
About 10% of Freddie's foreclosures are due to unemployment.
The big question:
How do I find out if Freddie Mac owns my loan? Click here, it is a direct link to Freddie Mac's website where you can fill out your information to see if they hold your loan. If Freddie doesn't have your loan, check with Fannie Mae. Click Here to see if they have your loan.
Both are working with unemployed borrowers to ease the burden of paying a mortgage whiled unemployed. Let's just hope some of the others follow suit!
Sure will help ALOT of people save their homes and be able to eat too!
P.S. This is the kind of news that you should be letting past clients know about in an email blast or a newsletter. There are a lot of people out there who are confused and don't know where to turn. Sharing information like this with past clients, helps cement your relationship with you. Make sure to pass it along.
Comments(2)