Fannie Mae, Freddie Mac now permit up to 12 months forbearance to some unemployed borrowers

Fannie Mae and Freddie Mac recently announced that they are giving mortgage servicers expanded authority to provide six months of forbearance to unemployed borrowers without their prior approval and up to an additional six months with prior approval.

This means unemployed borrowers may be eligible for up to 12 months of forbearance.

Freddie Mac's forbearance options are being expanded at the direction of the Federal Housing Finance Agency and will take effect on February 1, 2012.


Fannie Mae's forebearance options are also being expanded at the direction of the Federal Housing Finance Agency and will take effect on March 1, 2012.

More information:
Announcement from Freddie Mac: http://freddiemac.mediaroom.com/index.php?s=12329&item=106028&intcmp=FM320120109Ut1

Announcement to servicers from Fannie Mae: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2012/svc1201.pdf