June 30, 2020
Freddie Mac and Fannie Mae have announced updated forbearance programs for borrowers still being affected by the ongoing COVID-19 pandemic.
The current 90-day relief plan enacted by the government-sponsored enterprises was enacted in late March and ends soon. With many borrowers still struggling to fulfill their mortgage payments, Freddie Mac and Fannie Mae have extended deadlines and terms of respective forbearance programs.
Under the new Fannie Mae guidelines, borrowers will now have up to 24 months following their forbearance period to repay any missed payments. Additionally, borrowers with loans from both Freddie Mac and Fannie Mae with a forbearance agreements in place may not charge tenants late fees or penalties solely because of nonpayment of rent during the forbearance period or the borrowers repayment period.
For comments, questions or concerns, please contact David Cohen