Fannie Mae unveils new forbearance program for unemployed

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Unemployed Mortgage Assistance Program NEW YORK (CNNMoney.com) — Obama administration officials are hammering out the details of a $50 billion foreclosure prevention program that the president. as well as mortgage financiers Fannie Mae.

Following a similar move made by mortgage giant Freddie Mac, 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 Fannie Mae policy mirrors Freddie Mac’s move to double the existing forbearance policy’s eligibility period and allows.

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Fannie Mae Offers Forbearance for Unemployed Borrowers. Fannie Mae announced a new forbearance program Jan. 11 that would require servicers to offer mortgage relief to unemployed borrowers. The program will go into effect March 1.

The settlement, which only applies to "privately held mortgages issued from 2008 through 2011," entirely excludes failed mortgage giants Freddie Mac and Fannie Mae. Anyone. including forbearance of.

The news conference comes amid a new sense of optimism at the White House. A separate plan, the home affordable refinance program, which allows borrowers with loans backed by Fannie Mae and Freddie.

The ""Mortgage Bankers Association"":http://www.mortgagebankers.org (MBA) has put forth a concept for a new. forbearance as a troubled debt restructuring (TDR). MBA created this program through a.

Fannie. Mae and Freddie Mac loans may be eligible for a Forbearance Program, including Special Forbearance, as well as the following: HAMP The Home Affordable Modification Program, administered by.

The New York Times Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions. Making sense of the story In a forbearance program, a lender agrees not to foreclose on a property and [.]

Fannie Mae’s Servicing Guide, servicers do not need to contact homeowners in order to suspend payments for 90 days, but after contacting the homeowner, they can offer forbearance for up to six months, which can be extended up to an additional six months as needed for homeowners

Put “New Housing Refinance Plan” in the subject. Mortgage Help for the Jobless Unemployed borrowers whose mortgages are owned or guaranteed by Fannie Mae or Freddie Mac may be eligible for up to 12.