As of February 1st, 2012, Freddie Mac will begin allowing unemployed borrowers an additional 6 months of forbearance on their mortgages. That's 6 months without prior approval from Freddie Mac, and an additional 6 months on top of that with prior approval. So unemployed borrowers will now have up to 12 months to find jobs before they need to pay their loans. This direction comes straight from the Federal Housing Finance Agency (FHFA).
"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," said Tracy Mooney, SVP of single-family servicing and REO for Freddie Mac. "We believe this will put more families back on track to successful long-term homeownership."The above quote was taken from this article where you can find additional information about this new policy.
0 comments:
Post a Comment