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Tag Archives: Forbearance

Government Extends Mortgage Forbearance for Unemployed

With no sustained pickup in the job market, over six million Americans have been unemployed for longer than 27 weeks. Such extended periods of joblessness remain the predominant force behind high volumes of seriously past-due mortgages. With these realities weighing on an already fragile market, the federal government said Thursday it will extend the mortgage forbearance period for unemployed homeowners to a year under the Federal Housing Administration and Making Home Affordable programs.

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Freddie Mac Extends Mortgage Relief to Midwestern Storm Victims

Freddie Mac borrowers whose homes were damaged or destroyed by the recent storms in the Midwest can now take advantage of the GSE's full menu of relief policies. Homeowners residing in counties declared major disaster areas by President Obama are eligible for assistance. Freddie Mac's disaster relief policies allow servicers the discretion to reduce or suspend mortgage payments for up to 12 months.

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Treasury Issues New HAMP Rule Requiring Single Point-of-Contact

The U.S. Treasury released updated guidance for the Home Affordable Modification Program (HAMP) this week requiring certain servicers to provide borrowers with a single point-of-contact through the entire default resolution process. The new directive applies only to the largest servicers, however Treasury says all servicers participating in HAMP are encouraged to adopt the new guidance. The rule also carries over to the government's short sale and unemployment programs.

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Freddie Mac Extends Mortgage Relief to Storm Victims

Freddie Mac said Monday that its full menu of relief policies for borrowers affected by disaster is being extended to homeowners whose homes were damaged or destroyed by the recent storms in the South and are located in counties that the president has declared to be major disaster areas. The GSE says it has instructed its servicers to work with borrowers with Freddie Mac-owned mortgages affected by these storms to grant forbearance on their mortgage payments for up to one year.

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