No Lump Sum Required for Fannie Mae, Freddie Mac Mortgages in Forbearance

Disaster Response
Published

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.

View the FHFA press release.

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