Mortgage Forbearance

Many homeowners are faced with the decision whether to walk away from their home because they cannot afford to pay the mortgage on a home that is uninhabitable. Some lenders will agree to a forbearance which, simply stated, is a temporary freeze on your mortgage. Interest continues to accrue. Ask what happens at the end of the forbearance. To contact Fannie Mae, call (800) 732-6643 and select option 3. Ask to speak to someone about Fannie Mae’s “unusual hardships policy for homeowners with problem drywall.”

Click here to review agency’s new national policy.
Click here for Circular for Veteran’s Benefit Administration. Note, mortgages are frequently sold.
Click here to find out if Fannie Mae or Freddie Mac currently owns your mortgage.

Note, a forbearance may not be advisable for everyone. Talk to your attorney before signing a forbearance agreement.