The Federal National Mortgage Association also known as Fannie Mae announced plans to assist military families stuggling to keep up with their mortgage payments due to death or injury of a service member.
The plan outlines a 6 month reduction or even suspension of their mortgage payments to allow these families to get back on their feet. Additionally, Fannie Mae will aslo forego credit reporting for up to 6 months in order to minimize the effect on credit scores during these times.
To take advantage of this releif, members of the military or their surviving spouses are encouraged to call their mortgage lender or a special military phone number : 1-877-MIL-4566 to determine their eligibility.
Fannie Mae’s purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities, allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market.
Fannie Mae currently owns or guarantees $3.2 Trillion worth of home loans.
About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
