Effective as of Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period.
It’s important to note:
§ This applies to Freddie Mac-owned or guaranteed loans only.
§ There is ACTION required. The homeowner must contact the servicer to request the forbearance.
§ Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to apply.
