Fannie Mae unveils new forbearance program for unemployed

On January 11, Fannie Mae released SVC-2012-01: Introduction of Fannie Mae Unemployment Forbearance. Announcement SVC-2012-01: Introduction of Fannie Mae Unemployment Forbearance In this Announcement, Fannie Mae is introducing an Unemployment Forbearance program that provides servicers the flexibility to assist borrowers who have a financial hardship due to unemployment.

Plus, borrowers whose loans are owned by either Fannie Mae or Freddie Mac are not eligible. You may receive a financial benefit. You’re unemployed. You might receive "forbearance of principal,".

An interesting change this week in Fannie Mae’s loan. doubling the maximum forbearance and repayment plan periods for most loans to borrowers in need of loan workouts. This is all part of its new.

Workout Hierarchy for Fannie Mae Conventional Loans .. The Fannie Mae Home Affordable Modification Program, or Fannie Mae HAMP uses a uniform loan modification process to provide eligible borrowers – both those who are in default and those. Servicers must consider unemployed borrowers for Fannie Mae’s Unemployment Forbearance

Program, HomeSaver Forbearance, and New Workout Hierarchy. This Announcement also introduces a new HomeSaver Forbearance. A mortgage loan is eligible for the HAMP if it is a Fannie Mae. A reduction in or loss of income that was supporting the mortgage loan, e.g., unemployment,

Are you unemployed? You may qualify for 12-month Forbearance "Forbearance" is the postponement of part or all of your monthly mortgage payment for a period of time. New federal programs allow lenders to extend forbearance on most mortgages for up to 12 months, but homeowners must demand assistance from their lender.

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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.

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