Fannie Mae Announces Mortgage Relief Program for Veteran Families

September 19 2010 (Jeff Alan)

Mortgage giant Fannie Mae announced that it was creating a program to provide mortgage relief for the families of the members of our Armed Forces. The program will suspend mortgage payments for up to six months in cases where the death or injury of a service member created a financial hardship. Fannie Mae also plans to suspend credit reporting during that span to help curb negative impacts on a borrower’s credit profile.

“The men and women of our Armed Forces have shown extraordinary commitment to our country while facing unique challenges as a result of their service,” Jeff Hayward, senior vice president of Fannie Mae’s National Servicing Organization, said in a news release. “No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship. We want to do all that we can to provide support to these families at a time of need as we honor their sacrifices and service to our country.”

Military families can contact their mortgage company or utilize Fannie Mae’s dedicated Military Support Hotline at 1-877-MIL-4566 to learn more. The Washington-based mortgage company has also built a new online resource for consumers. The site is KnowYourOptions.com.

Fannie Mae also plans on disseminating information about the program on military bases across the United States. This program is available to all affected military families whether they have a VA loan or a conventional loan.