Freddie extends mortgage forbearance for unemployed

Freddie Mac Extends Forbearance for Unemployed Homeowners 01/06/2012 By: Krista Franks. freddie mac announced friday an extension in forbearance for unemployed borrowers. Some unemployed homeowners may now receive up to 12 months forbearance.. Ketron Property Management, Inc.

Mortgage finance firm Freddie Mac will give unemployed borrowers a break on their mortgage for up to one year. “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,” said Tracy Mooney, senior vice president [.]

Freddie Mac has joined forces with local non-profit organizations and federal, state and local government task forces and commissions to expedite mortgage assistance. up repairs of storm-damaged.

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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. The new regulations allow mortgage servicers to provide up to six months of suspended or reduced.

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Washington, D.C. – Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued a statement today commending Fannie Mae and Freddie Mac for extending to 12 months the period during which unemployed Americans with mortgages owned or guaranteed by Fannie Mae or Freddie Mac may defer payments while they continue to look for employment.

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Unemployed homeowners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take.

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Servicers can extend the forbearance period up to an additional six months with prior freddie mac approval, giving eligible unemployed borrowers with Freddie Mac owned- or guaranteed-mortgages up to one year of forbearance. The expanded forbearance options will take effect on February 1, 2012.

With these realities weighing on an already fragile market, the federal government said Thursday that it will extend mortgage relief for unemployed. is requiring servicers to extend the forbearance.