Fannie Mae unveils new forbearance program for unemployed

the Federal Housing administration (fha) short refinance Program, and. The new interest rate can be higher or lower than the initial interest rate, and.. Because principal forbearance does not actually change any of the loan terms,. The Home Affordable Unemployment Program (UP) targeted borrowers who were.

The loan will eventually need to be paid back. The new policy is by no means a freebie but will definitely help several people that just need time in order to fulfill their mortgage payments. Call a Fannie or Freddie servicer today to see if you qualify for a forbearance plan. Find out more about Fannie and Freddies new Forbearance policy.

The ""Mortgage Bankers Association"":http://www.mortgagebankers.org (MBA) has put forth a concept for a new. forbearance as a troubled debt restructuring (tdr). MBA created this program through a.

Following a similar move made by mortgage giant Freddie Mac, unemployed borrowers who have their mortgages owned or guaranteed by Fannie Mae may be eligible for up to 12 months of forbearance starting March 1, 2012. The new Fannie Mae policy mirrors Freddie Mac’s move to double the existing forbearance policy’s eligibility period and allows.

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Fannie Mae Extends Mortgage Relief for Unemployed Borrowers . Unemployment Forbearance . Fannie Mae issued new guidelines to its servicers 01/11/2012, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default.

Support. How to Make the Most of Your New Virtual Wallet · Making Mortgage Payments.. Are you unemployed? Have you had a reduction. If applicable, your PNC Borrower Assistance Representative may advise you to: Complete the.. How do I know if my loan is owned or guaranteed by Fannie Mae or Freddie Mac?

Home Affordable Unemployment Program (UP). At the end of the forbearance, you may be evaluated for a mortgage modification through HAMP.. This program is not available for Fannie Mae or Freddie Mac mortgages, but they do have their own programs for unemployed homeowners.

An extended forbearance period may be provided to unemployed borrowers who. may be the servicer of your mortgage for Freddie Mac, Fannie Mae or USDA.

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Fannie Mae issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial.