Freddie Mac and Fannie Mae Offer Mortgage Relief Options

If the coronavirus has impacted your income, job, or health mortgage, relief options may be available.

Just like that, our world has changed. The impact of COVID-19 is affecting people across the world. Uncertainty makes people wonder what will come next.

Many homeowners have already been affected by the coronavirus. Schools and businesses have closed to prevent the spread of COVID-19 and meet government-set social distancing guidelines.

Income has been affected. Unemployment claims are at an all time high. Fortunately, many organizations recognize the devastation some Americans face and are ready to help.

Yes Fannie Mae Where Freddie mac owning your home loan, they want you to know they’re ready to help.

Fannie Mae offers mortgage relief options that can help you feel secure at home if your job, health or income has been affected by the coronavirus. According to their website, the following options are available:

“If the coronavirus has caused job loss, reduced income, illness or other issues that impact your ability to make your monthly mortgage payment, there are relief options available.

  • Homeowners affected by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
  • Homeowners in a forbearance plan will not incur late fees
  • The credit bureau’s notification of overdue borrower payments under a forbearance plan following hardship attributable to this national emergency is suspended
  • After forbearance, a duty officer should work with the borrower on a permanent adjustment option to help maintain or reduce monthly payment amounts if necessary, including a loan modification.
  • Foreclosure sales and borrower evictions suspended for 60 days

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Homeowners can apply for mortgage assistance by contacting their mortgage agent or, homeowners with a mortgage owned by Fannie Mae can work with our disaster response network as directed. For help or more information, call: 1-800-232-6643.

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Freddie Mac has announced a variety of similar mortgage relief options.

The company announced that their measures “are available immediately and apply to borrowers who cannot pay their mortgage payments due to a drop in income resulting from the impact of COVID-19, whether or not they have contracted. the virus “.

Their options, according to their website, are as follows:

  • “Provide payment relief by offering borrowers up to 12 months forbearance;
  • Waiver of assessments of penalties or late fees against borrowers;
  • Suspend reporting of delinquency related to forbearance, reimbursement or trial plans to credit bureaus; and
  • Enable service providers to offer borrowers additional loss mitigation options that are typically only adopted to deal with natural disasters. This includes loan modifications that give officers options to provide payment relief or to maintain payment at the same level after the forbearance period.

Borrowers are eligible for forbearance whether their property is owner-occupied, a second home or an investment property. “

For more information on Freddie Mac Mortgage Relief, visit My Home by Freddie Mac.

NEWS CENTER Maine Coronavirus Coverage

At NEWS CENTER Maine, we focus our media coverage on the facts, not the fear surrounding the disease. To see our full coverage, visit our coronavirus section, here: / coronavirus

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