For many the industry isn’t getting better at solving their problems. Hopefully, at least for those finding themselves experiencing a long bout with unemployment, they will find a little relief coming from at least one of the GSEs Freddie Mac. In an announcement FHLMC stated that they would be extending their previous Forbearance plans in an effort to keep people in their homes from the traditional 6 months up to 12 months. It isn’t clear if this is part of the Making Homes Affordable (MHA): HUP (Homeowner Unemployment Program) but it does seems to fit in with many of the other programs such as HAMP and HAFA.
Now in our business this isn’t anything new but was traditionally only extended past the 6 months in the past for sever hardships such as being effected by a natural disaster. In this case is going to be applied to more homeowners and is being expanded to include, and be specifically geared towards, those being affected by unemployment.
If you have been affected by unemployment and are looking for assistance please contact our Customer Care Team at 888-945-5553 option 1. We’re here to stand by you.