· Fannie Mae unveils new forbearance program for unemployed. I would be honored to help you with your real estate needs and happy to explain tax benefits and other aspects related to financing a home or investment property. Just give me a call or contact me. «
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The Flex Modification Program for Homeowners: What Struggling Borrowers Need to Know; Bankruptcy. Foreclosure.. To replace HAMP, Fannie Mae and Freddie Mac developed the Flex Modification program. If you qualify for mortgage relief under this program, your monthly payment will go down by around 20%.
Following a similar move made by mortgage giant Freddie Mac, unemployed borrowers who have their mortgages owned or guaranteed by Fannie Mae may be eligible for up to 12 months of forbearance starting March 1, 2012. The new Fannie Mae policy mirrors Freddie Mac’s move to double the existing forbearance policy’s eligibility period and allows.
· Special consideration can be given to borrowers who require up to 12 months of forbearance. According to the GSE, the program “simplifies and streamlines the use of forbearance options” by providing specific guidelines. freddie mac will begin FNMae forbearance 2012 12-month forbearance plans on Feb. 1.
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Fannie Mae unveils new forbearance program for unemployed Roland Home Loans Contents Unemployed borrowers. fannie mae announced Forbearance program jan. 11 Effect march 1 Freddie mac published bulletin 2012-2 Servicer guide announcement svc-2012-01 Fannie Mae Offers Forbearance for Unemployed Borrowers.
Under the new forbearance program, unemployed borrowers may be allowed to defer all or a portion of their monthly mortgage payment for up to 12 months. Any foreclosure proceedings are suspended during the forbearance period. The unemployment forbearance program applies only to loans owned by Fannie Mae or Freddie Mac, which make up about half.
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The loan will eventually need to be paid back. The new policy is by no means a freebie but will definitely help several people that just need time in order to fulfill their mortgage payments. Call a Fannie or Freddie servicer today to see if you qualify for a forbearance plan. Find out more about Fannie and Freddies new Forbearance policy.
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On January 6, Freddie Mac published Bulletin 2012-2, which allows servicers to offer eligible borrowers a short-term unemployment forbearance period, and the possibility of an extended unemployment forbearance period, if needed. On January 11, Fannie Mae followed with Servicer Guide Announcement SVC-2012-01, implementing a substantially similar program.