Fannie, Freddie expand allowable foreclosure assistance for military
Fannie Mae and Freddie Mac will allow military members to claim a permanent change of station order as a hardship to be evaluated for foreclosure assistance. In September, the Treasury Department clarified that rule for veterans looking for help through the Home Affordable Foreclosure Alternatives program after many called in requesting a change. According to Fannie guidance released Friday, GSE servicers may evaluate a borrower for assistance if they fall behind on their mortgage because of a distant employment transfer. Fannie said it would provide more guidance on eligible hardships soon. A spokesman for Freddie said its guidance states that documentation is not required by the servicer if the military member claims a permanent change of station order as a hardship. Fannie recently began granting a six-month forbearance to families of service members who were killed or injured on active duty and also created a hotline just for military families to call if they get in trouble on their home loan. "Fannie Mae has a long standing commitment to our men and women in uniform," said Terry Edwards, executive vice president of credit portfolio management, at Fannie. Write to Jon Prior. Follow him on Twitter @JonAPrior.