Fannie Mae offers new military mortgage forbearance of up to six months
Fannie Mae and the U.S. Army today announced a new initiative to support borrowers in the service or military families suffering from a death or injury who are having trouble paying their mortgage. Under Fannie Mae's "Unique Hardships" guidelines, military personnel will be protected by a mortgage payment forbearance of up to six months. "The men and women of our Armed Forces have shown extraordinary commitment to our country while facing unique challenges as a result of their service," said Jeff Hayward, senior vice President of Fannie Mae’s National Servicing Organization. "No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship," he said. With the forbearance, a mortgage company can reduce or suspend monthly payments for service members or surviving spouses for up to six months. The credit bureaus reporting on these families will be suspended to minimize any derogatory impact to their credit scores. Fannie Mae also announced the creation of a special mortgage guidance hotline military families can use to receive information about their options and enlist assistance. Write to Christine Ricciardi.