Fannie Mae Response
- Foreclosure sales and evictions of borrowers are suspended for 60 days
- Homeowners impacted are eligible for a forbearance plant to reduce or suspend their mortgage payments for up to 12 months
- Credit bureau reporting of past due payments as result of this emergency are suspended.
- Homeowners in a forbearance plan will not incur late fees
- After forbearance, a servicer must work with borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including loan modification
Freddie Mac Response
- Providing mortgage forbearance for up to 12 months
- Waiving assessments of penalties and late fees
- Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020
- Suspending reporting to credit bureaus of delinquency related to forbearance
- Offering loan modification options that lower payments or keep payments the same after the forbearance period
