Today we’re going to talk about Fannie Mae assistance options for homeowners impacted by COVID-19.
A recent article put together by PRNewswire stated that Fannie Mae wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. They wanted to remind those impacted by COVID-19 of available mortgage assistance and relief options. A few highlights under Fannie Mae’s guidelines for single-family mortgages:
Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer. If you’re unsure who that is, call us and we can help you locate that information. .
• Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months.
• 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.
• Homeowners in a forbearance plan will not incur late fees.
• After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
• If you’ve already been behind, foreclosure sales and/or evictions of borrowers are suspended for 60 days.
Fannie Mae, Freddie Mac, and the FHA are adding forbearance options weekly. Give us a call and we’ll keep you current on what these options are.
Homeowners can find out if they have a Fannie Mae-owned mortgage and access to the Disaster Response Network™ by visiting www.KnowYourOptions.com/loanlookup.
Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/covid19assistance.