Tuesday, January 17, 2012

Freddie Mac Now Permits Grace Period for Unemployed Borrowers

Realtor.com is reporting that mortgage finance firm Freddie Mac will give unemployed borrowers a break on their mortgage for up to one year.

Borrowers can be given up to a yearlong break from payments under the new policy. The forbearance is offered in two ways. First, starting on the first of February, mortgage servicers can allow borrowers to abstain from paying mortgages for as long as 6 months, getting Freddie Mac’s prior approval. After that, Freddie Mac can permit another six months.


"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, senior vice president of single-family servicing and REO at Freddie Mac.

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

Freddie said the new deal expands the powers of mortgage servicers. The edict gives servicers the ability to forebear a mortgage for six months without prior approval. Freddie Mac can approve an additional six months after that.

15 comments:

  1. Anonymous1:01 PM

    This piece of writing presents clear idea designed for the new users of blogging,
    that genuinely how to do running a blog.
    Also see my website: remortgages

    ReplyDelete
  2. Anonymous9:43 AM

    I’m amazed, I must say. Rarely do I come across a blog that’s equally educative and entertaining, and without a
    doubt, you've hit the nail on the head. The issue is an issue that not enough folks are speaking intelligently about. I am very happy that I stumbled across this in my hunt for something relating to this. payday loans
    Stop by my website - payday loans

    ReplyDelete
  3. Anonymous2:15 PM

    Spot on with this write-up, I really think this site needs a great
    deal more attention. I’ll probably be returning to see more, thanks for the info!
    payday loans uk comparison
    Here is my web site - quick loans

    ReplyDelete
  4. Anonymous2:15 PM

    I blog quite often and I seriously appreciate your content.
    This great article has truly peaked my interest.
    I am going to take a note of your blog and keep checking
    for new information about once a week. I opted in for your Feed too.

    http://ppi-cliaims.
    webstarts.com/

    Take a look at my webpage ppi claim

    ReplyDelete
  5. Anonymous4:52 AM

    Excellent web site you have here.. It’s hard to find good quality writing like yours these days.
    I really appreciate people like you! Take care!
    ! no win no fee solicitors
    Here is my website :: personal injury claims court

    ReplyDelete
  6. Anonymous2:48 PM

    I’m impressed, I have to admit. Seldom do I encounter a blog that’s both
    equally educative and engaging, and let me tell you, you've hit the nail on the head. The issue is something which not enough people are speaking intelligently about. I am very happy I found this in my hunt for something concerning this. free tv
    Feel free to visit my webpage http://www.watchtvonline.me.uk/

    ReplyDelete
  7. Anonymous4:06 PM

    I blog frequently and I seriously appreciate your
    content. The article has really peaked my interest.
    I will book mark your website and keep checking for new
    information about once a week. I opted in for your Feed as well.
    Discover More Here
    Here is my web-site - free tv online stream

    ReplyDelete
  8. Anonymous5:00 AM

    Everyone loves it when individuals come together and
    share ideas. Great site, keep it up!
    My website : short term loans

    ReplyDelete
  9. Anonymous8:17 PM

    I love your blog.. very nice colors & theme.
    Did you make this website yourself or did you hire someone to do it for you?
    Plz respond as I'm looking to construct my own blog and would like to find out where u got this from. cheers
    My page ; payday loans uk

    ReplyDelete
  10. Anonymous1:44 PM

    Good web site! I really love how it is easy on my eyes and the data are well written.
    I'm wondering how fast cash advance I could be notified when a new post has been made. I've subscribed to your RSS feed which must
    do the trick! Have a great day!
    Visit my blog ... pay day

    ReplyDelete
  11. Anonymous11:38 PM

    With the help of personal loan service, financial institution simple posts to check
    the total is acknowledged to the borrower's account superpaydayloansnocreditcheck.co.uk Borrowers might extend their own due date once they bank loans, apr for salary is not on the website from the money loan providers
    Feel free to visit my weblog : payday loans no credit checking

    ReplyDelete
  12. Anonymous12:22 AM

    Sometimeѕ known аs DMP, іt gοals to аiԁ individuals
    іn reducing their crеdit history obligations through the debt consolidаtion ѕoftwаrе These refinаncing options аre used for
    back eaѕily pгοblems tгavегsing
    to a рayday loаn loan pгoviԁer has steaԁily dеclined іn recent
    years
    My page :: gtacity.hourb.com

    ReplyDelete
  13. Anonymous4:28 PM

    Іf you агe lоoking tо grab
    a funds instantanеously and student loan schedule
    an additional among the finanсіаl lending bunch in their monetary requirements There are plentу of legіtimаte aѕsureԁ onlinе uѕеcured bank loаns out there, yet theгe are аlso loаds of scams
    My web-site - samedaymatch.com

    ReplyDelete
  14. Anonymous4:27 AM

    Some creditors will offer software programs that will lower your rate or even allow you to
    renegotiate after a described length of time if you have not missed and also been delayed on a repayment loans no credit check In truth,
    the amount might be attained by any individual consumer, who is
    a new resident associated with UK and get access also a valid
    in addition to active bank account
    Visit my web blog - loans no credit check

    ReplyDelete
  15. Anonymous7:25 PM

    Аw, thiѕ was a vеry nice ρost.

    Taking a fеw minutеѕ аnd actual effοгt to produce a гeаlly good аrtіcle… but what can I say… I proсrastinatе a lot anԁ nevеr manage
    to get nearly anything ԁone.

    Here іs my ωeb-ѕіte: Property for Sale

    ReplyDelete