Fannie Mae Increases Mortgage Help for Unemployed Borrowers

Fannie Mae followed Freddie Mac by issuing new guidelines for unemployed homeowners facing foreclosure.  An unemployed homeowner can receive as much as twelve months forbearance.

The servicer can approve an unemployment forbearance term of six months without obtaining Fannie Mae’s approval, provided that all borrower eligibility requirements are met.

An additional six months can be approved providing the borrower meets the guidelines.

Servicers are forbidden from proceeding with foreclosure during the forbearance period.

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