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Forbearance for unemployed borrowers?

Forbearance for unemployed borrowers?

If you are , or know anyone who has a Fannie Mae/ Freddie Mac serviced mortgage and are unemployed, there may be some good news out there.

Statistics show 10% of delinquent FNMA/FHLMC serviced loans are tied to a borrower being unemployed. As a result;

  • Mortgage servicers can approved unemployed borrowers up to 6 months forbearance.
  • It can be extended an extra 6 months with prior approval (total of 12 month forbearance possible).
  • Those in existing forbearance plan can be evaluated for qualification under this new plan.

Of course it will be up to the servicer to allow this. GMAC has said they are participating, while Bank of America and Wells Fargo have said they are reviewing and assessing this plan.

And furthermore, under this plan, the servicer is not allowed to accrue late charges or report you late to the credit bureaus.

Before agreeing to the plan offered by your servicer, make sure to confirm how it will be reported to the credit bureaus. Because if they report “modification” or “forbearance” it could be perceived as derogatory to your credit and drop your score.

Contact your servicer to determine if you are eligible.

Sincerely,

Ray Williams, Branch Manager, Summit Home Mortgage Denver

[email protected] 303.779.0591 x101

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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