Monday, September 27, 2010

New Fannie Mae Forbearance Program for Military Families

Fannie Mae has announced plans to give military families a break on their mortgage payments if they are struggling because of the death or injury of a service member.

Fannie says its "Unique Hardship" guidelines allow the agency to reduce or suspend borrowers' monthly payments up to six months. In addition, they will suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower's credit score.

The military has established a special phone number for injured military or surviving spouses to use if they are struggling with mortgage payments: 1-877-MIL-4566.

If you or a family member are currently serving in the military... first and foremost: Thank You!  Also, there may be other helps and assistance available to you - even if your loan is not backed by Fannie Mae.  Contact a Foreclosure Counselor through the MN Home Ownership Center TODAY to learn about your options if you are struggling with mortgage payments.  To find your local non-profit, FREE Foreclosure Counselor, click here.

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