No Lump Sum Required for Fannie Mae, Freddie Mac Mortgages in Forbearance
Federal Housing Finance Agency (FHFA) Director Mark Calabria announced on April 27 that borrowers in forbearance with a Fannie Mae or Freddie Mac-backed mortgage are not required to repay the missed payments in one lump sum.
“No lump sum is required at the end of a borrower’s forbearance plan for Enterprise-backed mortgages,” said Calabria. “While today’s statement only covers Fannie Mae and Freddie Mac mortgages, I encourage all mortgage lenders to adopt a similar approach.”
In a press release, FHFA said the announcement was made “to combat ongoing misinformation” about the forbearance plan home owners are entitled to under the CARES Act.
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