Unemployed home owners who have mortgages backed by Fannie Mae or Freddie Mac may be eligible for up to a 12-month reprieve from paying their mortgage or paying reduced payments for that time period.
The mortgage giants’ program currently allows six months of relief to the unemployed. Freddie Mac announced that the changes will take effect Feb. 1. However, Freddie officials say extended one-year forbearance period will be temporary, and borrowers will still be responsible for eventually owing the payments they’ve missed.
Fannie Mae announced it also would be implementing a similar extension to its unemployed aid program.
“These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies,” says Tracy Mooney, a Freddie Mac senior vice president. “We believe this will put more families back on track to successful long-term home ownership.”
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/01/09/unemployed-get-more-mortgage-relief
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
