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Forbearance Policy Change Gives Freddie Mac Borrowers Some Relief
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?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Forbearance Policy Change Gives Freddie Mac Borrowers Some Relief
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.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Forbearance Policy Change Gives Freddie Mac Borrowers Some Relief

January 9, 2012 (Jeff Alan)

Unemployed borrowers who have their mortgages owned or guaranteed by Freddie Mac may be eligible for up to 12 months of forbearance starting February 1, 2012. The new guidelines double the existing policy’s eligibility period.

Under the previous guidelines, 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.

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

Previously, longer forbearance was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies and required prior approval.

Tracy Mooney, Senior Vice President, Single-Family Servicing and REO at Freddie Mac, stated, “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.”

Mortgage servicers who currently have delinquent borrowers in an existing short term forbearance plan can have the borrowers re-evaluated for an extended forbearance under the new policy.

Freddie Mac estimates that nearly ten percent of the delinquencies in its portfolio are a result of unemployment.

We believe this will put more families back on track to successful long-term homeownership,” Mooney added.

Tags: Freddie Mac, Mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Freddie Mac

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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 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.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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.
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January 9, 2012 (Jeff Alan)

Unemployed borrowers who have their mortgages owned or guaranteed by Freddie Mac may be eligible for up to 12 months of forbearance starting February 1, 2012. The new guidelines double the existing policy’s eligibility period.

Under the previous guidelines, 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.

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

Previously, longer forbearance was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies and required prior approval.

Tracy Mooney, Senior Vice President, Single-Family Servicing and REO at Freddie Mac, stated, “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.”

Mortgage servicers who currently have delinquent borrowers in an existing short term forbearance plan can have the borrowers re-evaluated for an extended forbearance under the new policy.

Freddie Mac estimates that nearly ten percent of the delinquencies in its portfolio are a result of unemployment.

We believe this will put more families back on track to successful long-term homeownership,” Mooney added.

Tags: Freddie Mac, Mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Freddie Mac

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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 9, 2012 (Jeff Alan)

Unemployed borrowers who have their mortgages owned or guaranteed by Freddie Mac may be eligible for up to 12 months of forbearance starting February 1, 2012. The new guidelines double the existing policy’s eligibility period.

Under the previous guidelines, 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.

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

Previously, longer forbearance was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies and required prior approval.

Tracy Mooney, Senior Vice President, Single-Family Servicing and REO at Freddie Mac, stated, “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.”

Mortgage servicers who currently have delinquent borrowers in an existing short term forbearance plan can have the borrowers re-evaluated for an extended forbearance under the new policy.

Freddie Mac estimates that nearly ten percent of the delinquencies in its portfolio are a result of unemployment.

We believe this will put more families back on track to successful long-term homeownership,” Mooney added.

Tags: Freddie Mac, Mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Freddie Mac

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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