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Fannie Mae, U.S. Army Announce Support for Military Homeowners

New initiatives are under way in Washington to help service members who are struggling with their mortgage payments avoid foreclosure.

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The efforts include a mortgage payment forbearance of up to six months where the death or injury of an active-duty service member causes a hardship for military families with a mortgage obligation. ""Fannie Mae"":http://www.fanniemae.com and the ""U.S. Army"":http://www.army.mil/ made the announcement at a Pentagon event Monday.

""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,"" said Jeff Hayward, SVP of Fannie Mae's National Servicing Organization. ""No family impacted by a death or injury in the line of duty should have to face the additional burden

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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.""

A special hotline, 877-MIL-4566, will be available to all service members for mortgage option guidance. Service members or surviving spouses who may be eligible for the special forbearance should contact their mortgage company, which may grant forbearance of up to six months per Fannie Mae's ""Unique Hardships"" guidelines and approval, whereby the mortgage company may reduce or suspend monthly payments for the specified period.

""We who serve alongside our military recognize the great sacrifice they and their families make each day,"" said the Honorable Katherine Hammack, assistant secretary of the Army, Installations and Environment.

Hammack added, ""The initiative between Fannie Mae and the lending community recognizes their sacrifice and demonstrates our gratitude for those who face economic hardships as a result of their service. We are profoundly grateful for this heartwarming response from the lending community as they become partners in designing and implementing this initiative.""

Printed materials will be available on military bases to help service members understand their options. Service members are also encouraged to visit Fannie Mae's new consumer education Web site, ""KnowYourOptions.com"":http://www.KnowYourOptions.com.

About Author: Heather Cernoch

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