WASHINGTON — Fannie Mae plans to give military families a break on their home loan payments if they are struggling because of the death or injury of a service member.
The Washington-based company says it will reduce or suspend borrowers’ monthly payments up to six months. Fannie Mae is the largest buyer and backer of U.S. home mortgages, owning or guaranteeing about $3.2 trillion in home loans.
Fannie Mae also says it would suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower’s credit score.
To determine whether they are eligible, military members or their surviving spouses should contact their mortgage company, or visit www.KnowYourOptions.com/Military or call the Fannie Mae Military Support Hotline, 877-MIL-4566.
Click for the full story
THANK YOU to our military for the great sacrifice they and their families make each day.
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.