Loss mitigation
Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option
To further complicate the complicated mortgage relief picture surrounding the coronavirus outbreak, Fannie Mae and Freddie Mac have released their new âpayment deferralâ option early. Originally slated to roll out on January 1st, 2021, the pair are encouraging loan servicers to begin evaluating eligible borrowers on or after July 1st, 2020. Note that this relief [&hellip
The post Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option first appeared on The Truth About Mortgage.
FHFA Says No Lump Sum Due Once Mortgage Forbearance Ends
Itâs Monday and Iâve got some good news for homeowners regarding mortgage forbearance. This morning, the Federal Housing Finance Agency (FHFA) announced, or rather reiterated, that homeowners currently in forbearance with a Fannie Mae- or Freddie Mac-backed mortgage are not required to pay back all the missed payments in one lump sum. Rather, theyâll be [&hellip
The post FHFA Says No Lump Sum Due Once Mortgage Forbearance Ends first appeared on The Truth About Mortgage.
How Do I Know If Fannie Mae or Freddie Mac Owns My Mortgage?
Quick mortgage tip: âHow do I know if Fannie Mae or Freddie Mac owns my mortgage?â One of the key requirements to getting approved under the CARES Act to receive mortgage forbearance is ensuring that your loan is indeed owned or guaranteed by Fannie Mae or Freddie Mac. If it isn’t, you might still be [&hellip
The post How Do I Know If Fannie Mae or Freddie Mac Owns My Mortgage? first appeared on The Truth About Mortgage.
Mortgage Lenders Now Providing Payment Relief Due to Coronavirus
CARES Act permits 6-12 month forbearance for mortgage payments on federally-backed home loans HUD has announced a foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days Fannie Mae has suspended foreclosure sales and borrower evictions until at least December 31st, 2020 Freddie Mac has announced the suspension of [&hellip
The post Mortgage Lenders Now Providing Payment Relief Due to Coronavirus first appeared on The Truth About Mortgage.
FHFA announces further extension of COVID-related mortgage relief
The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.
Mortgage delinquencies below 6% for first time since March
Of the 3.2 million borrowers with mortgage delinquencies, keep on eye on the 626,000 with government loans in Ginnie Mae securities.
The post Mortgage delinquencies below 6% for first time since March appeared first on HousingWire.