April 3, 2020 | Michele Langley
Fannie Mae Freddie Mac Mortgage Deferral Program
In late March, the Fannie Mae Freddie Mac Deferral Program was announced. The program is aimed at borrowers facing hardship due to coronavirus and allows borrowers to apply for 2 month mortgage payment referral. The program was rolled out earlier than planned due to borrowers experienced coronavirus-related hardship but is also available for borrowers who have a short-term hardship.
According to an article on housingwire.com (see full article here) the program allows certain borrowers to defer two months to their last mortgage payments or when the borrower’s home is sold. The Modern Living Team recommends homeowners should discuss with their lender directly for additional details and impact to credit scores prior to making a decision on using any program for mortgage assistance.
The coronavirus rescue law enacted by Congress includes a provision which requires all firms that service federally-backed mortgages to grant a forbearance of up to 360 days for borrowers who say they have been harmed by the coronavirus outbreak. We found this article at consumerreports that provides additional information on qualifications. Again, contacting your lender now is important to understand if you qualify.
The Modern Living Team wants to express our support for any person and families going through difficult times and appreciation for those staying home to help reduce the spread of COVID-19. We are sending love to all the healthcare professionals, first responders, military, grocery workers, truckers, restaurants, and all essential workers who are supporting their communities. You are our heroes.
Additional resources to up-to-date information on the Coronavirus:
NCDHHS – COVID-19 Response in North Carolina
CDC – How to protect yourself
RESUME ASSISTANCE: Michele Langley, Team Leader for Modern Living Team is offering FREE resume review and editing for anyone in North Carolina who has lost their job due to COVID-19. Having written many resumes for clients during the last recession and years of HR experience, she can help you prepare now to apply for your next job. You can contact her through this website or email michele@michelelangley.com
If you or someone your know is in a dire situation and must sell or buy a home, you can find out some of our tips during this time here. We do recommend that for your safety that only if your are experiencing extraordinarily difficult times that require immediate need to move that you request essential real estate assistance. If you can postpone your home buying or selling search for now, we can help you get ready for the future. If you just like looking at houses, feel free to browse our website and view homes for the safety of your current home. STAY SAFE and HEALTHY!
In late March, the Fannie Mae Freddie Mac Deferral Program was announced. The program is aimed at borrowers facing hardship due to coronavirus and allows borrowers to apply for 2 month mortgage payment referral.
The coronavirus rescue law enacted by Congress includes a provision which requires all firms that service federally-backed mortgages to grant a forbearance of up to 360 days for borrowers who say they have been harmed by the coronavirus outbreak.
