Fannie Mae Offers Forbearance Option to Wounded Warriors and Surviving Spouses
Another alliance between thernmilitary and housing forces was announced yesterday as Fannie Mae and the U.S.rnArmy introduced a Military Forbearance Initiative to assist service membersrnkeep their homes. </p
Like other forbearance programs offered to Fannie Mae borrowers,rnthe military version is an agreement between borrower and mortgage company tornsuspend or reduce mortgage payments for a period that allows the borrower torndeal with short term financial problems. rnUnder the new program it will be possible to obtain forbearance for arnlonger period – up to six months, and adverse reports to credit bureaus arernsuspended during the forbearance period. </p
The program is designed to assistrnan injured service member or spouse who is facing financial hardship because ofrna service related injury or losing a partner on active duty. The option is available to borrowers who are unablernto refinance and/or are behind on their mortgage payments.</p
To augment the forbearancernprogram, Fannie Mae has set up a hotline and a website and has produced printedrnmaterials for distribution on military facilities that explain the program andrnassists military families in utilizing it. rnPersons in need of assistance are encouraged to call the hotline at 877-MIL-4566rnor visit www.KnowYourOptions.com/Military</p
“The men and women ofrnour Armed Forces have shown extraordinary commitment to our country whilernfacing unique challenges as a result of their service,” said Jeff Hayward,rnSenior Vice President of Fannie Mae’s National Servicing Organization. “Nornfamily impacted by a death or injury in the line of duty should have to facernthe additional burden of foreclosure as a result of the hardship. We want to dornall that we can to provide support to these families at a time of need as wernhonor their sacrifices and service to our country.”</p
Another multi-agencyrncollaboration on behalf of military members was announced last summer between thernDepartments of Veterans Affairs and Housing and Urban Development which will berncoordinating a program using local public housing agencies to channel $58.6rnmillion to rental assistance specifically targeted to homeless veterans.
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