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If you qualify, your lender can offer you short-term forbearance for 6 months, where your mortgage payments are either reduced or suspended. Extended unemployment forbearance. If you remain unemployed when the short-term forbearance period ends, your lender will evaluate your eligibility for extended unemployment forbearance and may extend your forbearance period for up to another 6 months.

Stop Foreclosure Redding | 530-276-8325 | Stop Redding Foreclosure | 96001| Prevention NEW YORK, Feb 24 (Reuters) – A mortgage banking group on Wednesday said it proposed to top U.S. officials a new plan offering forbearance to unemployed homeowners and. finance companies Fannie Mae.

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The mortgage forbearance is valid as long as the borrower performs the new conditions set out in the forbearance agreement by making the required payments. Both the lender and the borrower are obligated to keep to the terms of the new agreement. If you need help with mortgage forbearances, you can post your legal need on UpCounsel’s marketplace.

WASHINGTON (MarketWatch) – Freddie. its forbearance options so unemployed borrowers with Freddie Mac owned or guaranteed mortgages can have their loan payments suspended or reduced for as much as.

Freddie Mac announced Friday an extension in forbearance for unemployed borrowers. Some unemployed homeowners may now receive up to 12 months forbearance. to six months of forbearance with reduced.

Mortgage financier Freddie Mac announced late last week that it was expanding its forbearance program for unemployed borrowers.. Beginning on February 1, mortgage loan servicers will be able to offer forbearance to unemployed borrowers for up to six months without prior approval from Freddie Mac.

Extend and pretend is alive and well: unemployed homeowners with mortgages owned by Freddie Mac and Fannie Mae (Frannie) now have the option of participating in a mortgage forbearance program. The revised policy took effect February 1, 2012 for Freddie Mac and will take place March 1, 2012 for Fannie Mae.

The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie. Freddie Mac can approve an additional six months after that. Previously, Freddie Mac allowed servicers to grant up to three months of forbearance with no payment, or six months at a reduced payment, without prior approval.

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Mortgage servicers can now approve unemployed borrowers with Freddie Mac owned- or guaranteed-loans for six months of forbearance without prior approval from Freddie Mac. Servicers can extend the.