DALLAS (CBSDFW.COM) – Both Fannie Mae and Freddie Mac have assistance programs to help borrowers from direct and indirect impacts of the coronavirus outbreak.
Before you get the help you need to know if Fannie Mae or Freddie Mac owns your home loan. You can do that right HERE.
How Freddie Mac can help:
- Providing mortgage forbearance for up to 12 months.
- Waiving assessments of penalties and late fees.
- Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020.
- Suspending reporting to credit bureaus of delinquency related to forbearance.
- Offering loan modification options that lower payments or keep payments the same after the forbearance period.
For more information visit the Freddie Mac consumer page right HERE.
How Fannie Mae can help:
- Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months.
- Homeowners in a forbearance plan will not incur late fees.
- Credit bureau reporting of past-due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended.
- After forbearance, a servicer must work with the borrower on a permanent workout option to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
- Foreclosure sales and evictions of borrowers are suspended for 60 days.
For more information visit Fannie Mae’s website right HERE.
Need more assistance? These organizations might be able to help: