Mortgage finance firm Freddie Mac will give unemployed borrowers a break on their mortgage for up to one year.
“These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies,” said Tracy Mooney, senior vice president of single-family servicing and REO at Freddie Mac.
“We believe this will put more families back on track to successful long-term homeownership,” Mooney adds.
Freddie said the new deal expands the powers of mortgage servicers. The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie. Freddie Mac can approve an additional six months after that.
Previously, Freddie Mac allowed servicers to grant up to three months of forbearance with no payment, or six months at a reduced payment, without prior approval.
The new options go into effect on Feb. 1.
Longer forbearance times used to be restricted to events such as natural disasters, permanent disability or long-term medical emergencies — and required prior approval.
William Dudley, president of the Federal Reserve Bank of New York, called for principal forgiveness from Fannie Mae and Freddie Mac, something both GSEs say is not worth doing.
If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION for loan modification and or selling . or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
“These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies,” said Tracy Mooney, senior vice president of single-family servicing and REO at Freddie Mac.
“We believe this will put more families back on track to successful long-term homeownership,” Mooney adds.
Freddie said the new deal expands the powers of mortgage servicers. The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie. Freddie Mac can approve an additional six months after that.
Previously, Freddie Mac allowed servicers to grant up to three months of forbearance with no payment, or six months at a reduced payment, without prior approval.
The new options go into effect on Feb. 1.
Longer forbearance times used to be restricted to events such as natural disasters, permanent disability or long-term medical emergencies — and required prior approval.
William Dudley, president of the Federal Reserve Bank of New York, called for principal forgiveness from Fannie Mae and Freddie Mac, something both GSEs say is not worth doing.
If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION for loan modification and or selling . or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.