Fannie Follows Freddie – Extends Forbearance Policy for Unemployed

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Fannie Follows Freddie – Extends Forbearance Policy for Unemployed

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

READY TO SPEAK TO A PROFESSIONAL?

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Fannie Follows Freddie – Extends Forbearance Policy for Unemployed

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

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Fannie Follows Freddie – Extends Forbearance Policy for Unemployed

January 17, 2012 (Jeff Alan)

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 guidelines double the existing policy’s eligibility period.

The policy change is similar to the recent changes made by mortgage sibling Freddie Mac which takes effect on February 1, 2012.

Like Freddie, under the new guidelines, mortgage servicers can now approve unemployed borrowers for six months of forbearance without prior approval from Fannie Mae and can extend the forbearance period up to an additional six months with prior Fannie Mae approval, giving eligible unemployed borrowers up to one year of forbearance.

Previously, mortgage services were allowed to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval.

A borrower is eligible for an Unemployment Forbearance if all the following criteria are met:

– The borrower must have a financial hardship due to unemployment.

– The borrower may be either delinquent or default is reasonably foreseeable.

– The property must be a principal residence. Second homes and investment properties are not eligible.

– The property cannot be vacant, condemned, or abandoned.

– The mortgage loan cannot be an FHA, VA, or Rural Housing mortgage loan.

Additionally, the borrower must meet the following criteria to qualify for an extension:

– The borrower has performed as required on the current forbearance plan, unless the servicer has determined that there are extenuating circumstances.

– The borrower’s cash reserves must not exceed 12 months of the borrower’s monthly housing expense.

– The borrower’s current monthly housing expense to income ratio (excluding unemployment benefits) must be greater than 31%.

Borrowers who are in a Fannie Mae HAMP or non-HAMP trial period plan may be eligible for Unemployment Forbearance if they become unemployed during the trial period. They may also subsequently be eligible for a modification upon successful completion of the Unemployment Forbearance.

Other terms and requirements are available on Fannie Mae’s website.

Tags: Fannie Mae, mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Fannie Mae

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January 17, 2012 (Jeff Alan)

The policy change is similar to the recent changes made by mortgage sibling Freddie Mac which takes effect on February 1, 2012.

Previously, mortgage services were allowed to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval.

A borrower is eligible for an Unemployment Forbearance if all the following criteria are met:

– The borrower must have a financial hardship due to unemployment.

– The borrower may be either delinquent or default is reasonably foreseeable.

– The property must be a principal residence. Second homes and investment properties are not eligible.

– The property cannot be vacant, condemned, or abandoned.

– The mortgage loan cannot be an FHA, VA, or Rural Housing mortgage loan.

Additionally, the borrower must meet the following criteria to qualify for an extension:

– The borrower has performed as required on the current forbearance plan, unless the servicer has determined that there are extenuating circumstances.

– The borrower’s cash reserves must not exceed 12 months of the borrower’s monthly housing expense.

– The borrower’s current monthly housing expense to income ratio (excluding unemployment benefits) must be greater than 31%.

Other terms and requirements are available on Fannie Mae’s website.

Tags: Fannie Mae, mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Fannie Mae

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

January 17, 2012 (Jeff Alan)

The policy change is similar to the recent changes made by mortgage sibling Freddie Mac which takes effect on February 1, 2012.

Previously, mortgage services were allowed to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval.

A borrower is eligible for an Unemployment Forbearance if all the following criteria are met:

– The borrower must have a financial hardship due to unemployment.

– The borrower may be either delinquent or default is reasonably foreseeable.

– The property must be a principal residence. Second homes and investment properties are not eligible.

– The property cannot be vacant, condemned, or abandoned.

– The mortgage loan cannot be an FHA, VA, or Rural Housing mortgage loan.

Additionally, the borrower must meet the following criteria to qualify for an extension:

– The borrower has performed as required on the current forbearance plan, unless the servicer has determined that there are extenuating circumstances.

– The borrower’s cash reserves must not exceed 12 months of the borrower’s monthly housing expense.

– The borrower’s current monthly housing expense to income ratio (excluding unemployment benefits) must be greater than 31%.

Other terms and requirements are available on Fannie Mae’s website.

Tags: Fannie Mae, mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Fannie Mae

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS