Fannie Mae unveils new forbearance program for unemployed

Fannie Mae has updated the requirements for its Unemployment Forbearance program, which allows borrowers to have their payments temporarily reduced or suspended in the event they become unemployed. The updated rules allow loan servicers to approve the use of the program without Fannie Mae’s approval.

Of these active modifications, 453,666 are for loans belonging to or guaranteed by Fannie Mae or Freddie. mortgage principal forbearance to unemployed borrowers while they are looking for a new job.

The Federal Housing Administration announced that it will require banks to extend the minimum forbearance period for unemployed. the new rules will only affect FHA and MHA lenders, the.

If the sole breadwinner becomes unemployed, it probably isn’t. "There has to be some viable source of income," Kessler said. "If they lost wages, or found a new job. has been bought by Fannie Mae,

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NEW YORK – A mortgage banking group on Wednesday said it proposed to top U.S. officials a new plan offering forbearance to unemployed homeowners and. costs to U.S. mortgage finance companies Fannie.

Under the new forbearance program, unemployed borrowers may be allowed to defer all or a portion of their monthly mortgage payment for up to 12 months. Any foreclosure proceedings are suspended during the forbearance period. The unemployment forbearance program applies only to loans owned by Fannie Mae or Freddie Mac, which make up about half.

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The news conference comes amid a new sense of optimism at the White House. A separate plan, the Home Affordable Refinance Program, which allows borrowers with loans backed by Fannie Mae and Freddie.

Servicing Guide Announcement SVC-2012-01 January 11, 2012. The Fannie Mae Unemployment Forbearance program simplifies and streamlines the use of forbearance. The policies described in this Announcement will be added as a new subsection in Part VII, Chapter 403 of the.

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NEW YORK (MainStreet. The second, known as the Home Affordable Refinance Program (HARP), helps homeowners who have loans owned by Fannie Mae or Freddie Mac and have not missed any payments yet, but.

Fortunately, the federal government offers two programs that can provide relief to unemployed homeowners. The Home Affordable Unemployment Program. The unemployment forbearance programs for both.