The Real Deal Miami

Federal program launched to aid unemployed mortgage holders

July 07, 2010 03:00PM

Unemployed mortgage holders will soon feel a little relief, according to National Mortgage News, thanks to a new federal program that began this month. Under the relief plan, borrowers who have been collecting unemployment benefits for at least three months can be afforded a forebearance plan that will defer their mortgage payments. All mortgage servicers will be required to participate in the Home Affordable Unemployment Program, affording forebearance to those mortgage holders who have not missed three or more payments. Borrowers whose loans are owned by Fannie Mae or Freddie Mac do not qualify for the program. [National Mortgage News]