Fannie Mae revealed its new Unemployment Forbearance Program which allows mortgage servicers to assist borrowers who have a financial hardship due to unemployment.  Mortgage servicers are required to implement this new program by March 1 for all Fannie Mae-owned and backed loans.

Mortgage servicers can now provide up to six months of relief for eligible unemployed borrowers and do not have to get Fannie Mae's approval to do so.  In addition, borrowers can also apply for an additional six months of forbearance for a total of twelve months of assistance.

Freddie Mac also has a similar program that goes into effect February 1st.  Freddie Mac is allowing servicers to provide 6 months of forbearance without prior Freddie Mac approval and an additional 6 months with prior approval.  

Homeowners must contact their mortgage servicer to request the forbearance and to see if they qualify.  

Not sure if your loan is backed by Fannie Mae or Freddie Mac?  Use the Fannie Mae Loan Lookup or the Freddie Mac Loan Lookup tools.  

CDPE Agent Litchfield Park, Goodyear, Avondale and Buckeye

Cinda Rose
Cinda Rose - Realtor
The West Valley Home Team
Ph: 623-252-9350
cinda@wvhometeam.com
thewestvalleyhometeam.com
      
CDPE - CIAS - CSSN - SFR - IMSD

 

 
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1 Comments on Fannie Mae and Freddie Mac Offer Unemployment Forbearance Programs to Assist Homeowners

JUL
30
186,509 Points Outside Blog

Great Blog, Great information for Realtors, buyers and sellers. Thanks for sharing this detailed information about how real estate should be handled. The Marcus Rice Team with RE/MAX Allegiance in Richmond Va agree with this blog.
8:21pm • #1


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Cinda Rose

Litchfield Park, AZ

More about me…

The West Valley Home Team at Welcome Home Realty

Address: 2920 N. Litchfield Road, Suite 100, Goodyear, AZ , 85395

Office Phone: (623) 252-9350

Cell Phone: (623) 252-9350

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I want to be your West Valley REALTOR®! I grew up in Litchfield Park, went to High School in Avondale and still live and work here. I have watched the West Valley grow over these last 34 years and would not want to be anywhere else. I love the Litchfield Park, Goodyear, Avondale and Buckeye area and I love living and working here. Why would you work with an agent that claims to know the area when you can work with The West Valley Home Team and know that no one knows more about this area than we do! Whether you are buying or selling a home, looking to sell your home with a short sale or interested in purchasing a foreclosure we are here to serve all of your Litchfield Park Real Estate needs. I am a Certified Distressed Property Expert (CDPE), a Certified Investor Agent Specialist (CIAS), a Certified Short Sale Negotiator (CSSN), Internet Marketing Specialist Designated (IMSD) and a Short Sale Foreclosure Resource (SFR) REALTOR®. For every buyer and seller I work with, I pride myself on utilizing the latest technology and techniques to negotiate the best possible price and terms. In todays changing real estate market, it is extremely important to have a real estate agent on your side. Welcome Home Realty and The West Valley Home Team share the same values that are important to me and my family: honesty, integrity, hard work, and professionalism. Selling your home is one of the biggest decisions one can make and having to short sell your property can be a lengthy and sometimes frustrating process. My main goal is to ensure no detail is overlooked and everyone I work with is 100% satisfied. Given the chance, I know I can make your experience working with The West Valley Home Team a positive one!


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