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Forbearance Terms Eased for Freddie’s Borrowers

Freddie Mac gave unemployed homeowners who are struggling to pay mortgages owned or guaranteed by the company a break on Friday when it eased its temporary forbearance restrictions. Effective February 1, Freddie Mac servicers will no longer need prior approval from the government sponsored enterprise (GSE) before extending forbearance of up to six month’s duration to its borrowers who have lost their jobs. Servicers can also seek preapproval for a second six month period of forbearance for those borrowers if needed.Read the entire article from above


You may be eligible for a HARP Refinance. Does Freddie Mac Own My Loan?  Find out here:

Forbearance Terms Eased for Fannie’s Borrowers

In this Announcement, Fannie Mae is introducing an Unemployment Forbearance program that provides servicers the flexibility to assist borrowers who have a financial hardship due to unemployment. These new requirements are consistent with the Unemployment Forbearance guidelines established by the Federal Housing Finance Agency for Fannie Mae and Freddie Mac.

You may be eligible for a HARP Refinance. Does Fannie Mae Own My Loan? Find out here:

Joe Harvey

Senior Mortgage Advisor

NMLS 242632


Direct: 612-701-6346