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Forbearance Policy Change Gives Freddie Mac Borrowers Some Relief
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You're Now Reading:
Forbearance Policy Change Gives Freddie Mac Borrowers Some Relief
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Forbearance Policy Change Gives Freddie Mac Borrowers Some Relief
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January 9, 2012 (Jeff Alan)

Unemployed borrowers who have their mortgages owned or guaranteed by Freddie Mac may be eligible for up to 12 months of forbearance starting February 1, 2012. The new guidelines double the existing policy’s eligibility period.

Under the previous guidelines, mortgage services were allowed to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval.

Under the new guidelines, mortgage servicers can now approve unemployed borrowers for six months of forbearance without prior approval from Freddie Mac and can extend the forbearance period up to an additional six months with prior Freddie Mac approval, giving eligible unemployed borrowers up to one year of forbearance.

Previously, longer forbearance was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies and required prior approval.

Tracy Mooney, Senior Vice President, Single-Family Servicing and REO at Freddie Mac, stated, “These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies.”

Mortgage servicers who currently have delinquent borrowers in an existing short term forbearance plan can have the borrowers re-evaluated for an extended forbearance under the new policy.

Freddie Mac estimates that nearly ten percent of the delinquencies in its portfolio are a result of unemployment.

We believe this will put more families back on track to successful long-term homeownership,” Mooney added.

Tags: Freddie Mac, Mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Freddie Mac

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Tips
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Tips
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Calculator
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Rates

January 9, 2012 (Jeff Alan)

Unemployed borrowers who have their mortgages owned or guaranteed by Freddie Mac may be eligible for up to 12 months of forbearance starting February 1, 2012. The new guidelines double the existing policy’s eligibility period.

Under the previous guidelines, mortgage services were allowed to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval.

Under the new guidelines, mortgage servicers can now approve unemployed borrowers for six months of forbearance without prior approval from Freddie Mac and can extend the forbearance period up to an additional six months with prior Freddie Mac approval, giving eligible unemployed borrowers up to one year of forbearance.

Previously, longer forbearance was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies and required prior approval.

Tracy Mooney, Senior Vice President, Single-Family Servicing and REO at Freddie Mac, stated, “These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies.”

Mortgage servicers who currently have delinquent borrowers in an existing short term forbearance plan can have the borrowers re-evaluated for an extended forbearance under the new policy.

Freddie Mac estimates that nearly ten percent of the delinquencies in its portfolio are a result of unemployment.

We believe this will put more families back on track to successful long-term homeownership,” Mooney added.

Tags: Freddie Mac, Mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Freddie Mac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 9, 2012 (Jeff Alan)

Unemployed borrowers who have their mortgages owned or guaranteed by Freddie Mac may be eligible for up to 12 months of forbearance starting February 1, 2012. The new guidelines double the existing policy’s eligibility period.

Under the previous guidelines, mortgage services were allowed to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval.

Under the new guidelines, mortgage servicers can now approve unemployed borrowers for six months of forbearance without prior approval from Freddie Mac and can extend the forbearance period up to an additional six months with prior Freddie Mac approval, giving eligible unemployed borrowers up to one year of forbearance.

Previously, longer forbearance was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies and required prior approval.

Tracy Mooney, Senior Vice President, Single-Family Servicing and REO at Freddie Mac, stated, “These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies.”

Mortgage servicers who currently have delinquent borrowers in an existing short term forbearance plan can have the borrowers re-evaluated for an extended forbearance under the new policy.

Freddie Mac estimates that nearly ten percent of the delinquencies in its portfolio are a result of unemployment.

We believe this will put more families back on track to successful long-term homeownership,” Mooney added.

Tags: Freddie Mac, Mortgage relief, forbearance, mortgage services, unemployed borrowers

Source:
Freddie Mac

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.