Fannie Mae unveils new forbearance program for unemployed

Distressed mortgage borrowers will get a new lifeline from Fannie Mae. extensions of loan terms and mortgage principal forbearance. The program, called “Flex Modification,” begins in October 2017..

""Fannie Mae"":http://www.fanniemae.com issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers.

Do You Qualify For The Home Affordable Unemployment Program UP? 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 forbearance_ext_requests@fanniemae.com. *****

Fannie Mae extends mortgage relief for Unemployed Borrowers . Unemployment Forbearance . Fannie Mae issued new guidelines to its servicers 01/11/2012, 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.

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.

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 · HUD FORECLOSURE PROGRAMS. By: Katherine Dwyer, Legislative Analyst II. Additionally, in order to qualify, the mortgage must not be held by Freddie Mac or Fannie Mae. (They both programs have their own forbearance programs available for unemployed homeowners). HFA Innovation Fund for the Hardest Hit Housing Markets (HHF)

Mortgages that have been pooled into mortgage-backed securities are a special case in the Forbearance Relief program of Fannie Mae and Freddie Mac. Homeowners whose mortgages have been included in MBS may qualify for up to six months of forbearance, but only if the pools were issued from June 1, 2007 to December 1, 2008.

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HousingWire: Fannie Mae Unveils New Forbearance Program for Unemployed PortlandForeclosure.com: Mortgage Forbearance or Repayment Plan hud.gov: obama administration offers additional mortgage.

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.