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Fannie/Freddie Offer Payment Extensions for Unemployed Homeowners

January 16, 2012 by

The New York Times recently reported on plans by Fannie Mae and Freddie Mac to extend their existing programs that allow unemployed homeowners to defer part or all of their monthly payments for up to 12 months while they are out of work. Under Fannie Mae’s plan, banks can offer unemployed borrowers up to 6 months of reduced or skipped payments without seeking Fannie’s prior approval, and that banks could extend that forbearance up to 12 months with approval. Freddie Mac announced a similar plan to allow jobless borrowers to skip or reduce payments for up to 12 months.

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