Starting Feb 12, 2012 Freddie MAC will extend up to 12
months Forbearance of mortgage payments to unemployed borrowers. Borrowers
will make reduced or in some cases no payments during the forbearance period.
Once the forbearance period ends borrows will repay the amount reduced or
suspended through one of the following methods- moving the payments to the end
of the loan term and extending the final payout date; making a onetime payment
of the total amount; adding a specific amount to each monthly payment until the
total amount is paid in full.
Fannie Mae offers helpful forms for gathering information to
speak with your lender. http://www.knowyouroptions.com/resources/helpful-forms
To learn more about this program please go to http://freddiemac.mediaroom.com/index.php?s=12329&item=106028
If you have questions about this program or others please
feel free to contact me by email or phone.
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