Unemployed homeowners with loans guaranteed by Freddie Mac (FMCC) could be eligible for reduced or suspended mortgage payments for up to a year, the mortgage-finance company said Friday.
Starting Feb. 1, McLean, Va.-based Freddie Mac said it will allow companies that collect mortgage payments to give borrowers up to a 12-month break on their mortgages, up from a current level of six months. However, the break, also known as forbearance, will only be temporary. Borrowers will still owe their full unpaid loan balances.
Read the rest of the article at NASDAQ
No comments:
Post a Comment