Good News for home owners in distress!

And by “Good News” I don’t mean some shady scheme to short sell your house to an off-shore corporation in the Caymen Islands.

Fannie Mae is introducing an Unemployment Forbearance program which provides assistance to borrowers dealing with unemployment.

These loans will allow the borrower to receive a reduction or suspension of their monthly mortgage payment for a specific period of time and will prohibit services from foreclosing on your property.

A mortgage loan is eligible for an Unemployment Forbearance if all the following criteria are met:

  • The property cannot be vacant, condemned, or abandoned.
  • The mortgage loan cannot be an FHA, VA, or Rural Housing mortgage loan.
  • The property must be a principal residence. Second homes and investment properties are not eligible.
  • The borrower may be either delinquent or default is reasonably foreseeable.
  • The borrower must have a financial hardship due to unemployment.

The Forbearance will be canceled if:

  • Any of the eligibility criteria and terms stated above are no longer met.
  • The borrower advises the servicer that he or she has become employed or is no longer actively seeking employment.

If you need more information contact Jeannie Bolger with Nova Home loans.

   
Written by phxAdmin