Resources to help both servicers and borrowers manage delinquent mortgage loans and avoid foreclosure.
Guiding Homeowners Through Forbearance
New resources are available to support servicers having forbearance discussions with homeowners impacted by COVID-19.
Fannie Mae offers servicers flexible ways to help borrowers retain their homes while enduring temporary hardship.
Borrowers may be able to modify the original mortgage terms, such as payment amount, loan term, or interest rate.
Servicers are authorized to evaluate a borrower for a repayment plan when the delinquency results from a temporary hardship that no longer appears to be a problem.
Following a disaster, borrowers can take advantage of forbearance plans for up to 12 months while they recover and rebuild.
When retention isn’t a viable option, Fannie Mae offers liquidation options.
Mortgage Release ™
A Mortgage Release allows the homeowner to voluntarily transfer the ownership of the property to the owner of your mortgage in exchange for a release from the mortgage loan and payments.
A short sale allows a borrower to sell their home for less than the balance remaining on the mortgage, avoiding a foreclosure.