Fannie Mae unveils new forbearance program for unemployed

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Unemployment Forbearance program, and the servicer believes, based on the borrower’s circumstances, that a Fannie Mae Unemployment Forbearance is appropriate, the servicer must submit an Unemployment Forbearance recommendation to Fannie Mae for approval to *****

As of March 1, 2012, Fannie Mae officially implements a new policy of allowing unemployed homeowners a 6-month forbearance period . Under the new guidelines, the forbearance lasts 6 months or until 1) the borrower fails to meet their terms; 2) the borrower no longer meets the eligibility requirements; or 3) the servicer receives notification from the borrower that.

Fannie Mae and Freddie Mac loans: These loans cover about 50% of the mortgage market. The forbearance for unemployed will increase from 3 months to 12 months. Major Servicers: Key servicers, including Wells Fargo and Bank of America have also joined in the 12-month forbearance plan. The big lenders also realize that efforts must be made to help.

 · Silverton Mortgage Unveils New MH Advantage® Program For Affordable Manufactured Home Financing.. Silverton Mortgage announces the launch of its MH Advantage ® program by Fannie Mae, which offers the flexible, affordable benefits of conventional mortgages to buyers of qualified off-site built homes (also known as manufactured homes).

for extended unemployment forbearance and may extend your forbearance period for up to another six months if you are eligible. Under this option, your mortgage payments may be reduced or suspended. *Your eligibility for Freddie Mac Unemployment Forbearance is based on a number of factors, including those outlined here.

Fannie Mae issued new guidelines to its servicers Wednesday, 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. With unemployment forbearance, the servicer reduces or suspends monthly payments for a specified period for a borrower who is unemployed..

According to the GSE, the program simplifies and streamlines the use of forbearance options by providing specific guidelines. fannie mae unveils new forbearance program for unemployed Sign In

Fannie Mae and Freddie Mac Unemployment Forbearance program. Fannie Mae and Freddie Mac have enhanced their Unemployment Forbearance program for homeowners who have lost their jobs. It is a proactive approach that is offered to the unemployed who are struggling with keeping up with their home loan payments.