Fannie Mae yesterday announced that military families with a member who was injured or killed while on active duty can apply for a forbearance of up to six months if they’re having trouble making their mortgage payments.
Under the forbearance, mortgage payments may be reduced or suspended, and credit reporting will be suspended as well.
Remember that a forbearance is only a temporary delay. After the forbearance period is over, you will have to repay what you still owe, either by moving the payments to the end of the mortgage term, making a lump-sum payment, or adding a set amount to your monthly payment that adds up to the difference.
For more info, call Fannie Mae’s military support hotline at 877-MIL-4566 or visit KnowYourOptions.com/Military.
Fannie Mae Offers Forbearance Option to Wounded Warriors and Surviving Spouses [Mortgage News Daily]