New Mortgage Aid may be available to you if you are unemployed

Fannie Mae says it will provide more mortgage aid to the unemployed, possibly extending the forbearance period up to a year for those who qualify.

Starting on March 1, Fannie Mae will require mortgage servicers to extend the forbearance relief to qualified unemployed borrowers for six months – without any approval needed from Fannie Mae. The government-sponsored enterprise also says special consideration will be made for some borrowers in suspending mortgage payments or reducing them for up to a 12-month period.

Fannie’s announcement follows on the heels of Freddie Mac’s announcement earlier this week about similar changes to its mortgage relief program for the unemployed. Freddie Mac announced it would begin offering a 12-month forbearance period to qualified unemployed borrowers starting on Feb. 1.

To qualify, mortgage servicers will determine if the “borrower has less than 12 months worth of mortgage payments in reserves and has monthly housing expenses above 31 percent of their incomes before extending a forbearance plan,” HousingWire reports.

In order to see if you would qualify, first you need to contact your mortgage lender to see if your loan is a Fannie Mae or Freddie Mac loan. Then apply to see if you qualify.

Warmly,
Stephanie LeFew
Tampa Home Buy Realty
813-624-3332 / 813-991-1355
www.TampaHomeBuy.com
http://www.tampahomebuy.com/behind-in-your-mortgage/