Fannie Follows Freddie’s Lead in Extending Forbearance Period for Unemployed

January 17th, 2012 in Alex Charfen by cdpe
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Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans. Servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie’s review and approval. Borrowers may also apply for an additional six months of forbearance, [...]

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Freddie Mac Announces Up to 12-Month Forbearance for Unemployed

January 12th, 2012 in Alex Charfen by cdpe
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Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period. It’s important to note: This applies to Freddie Mac-owned or [...]

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