Posted on September 29th, 2010
Mortgage behemoth Fannie Mae is teaming up with the Armed Forces to provide mortgage relief to military families struggling to pay their bills.
The company announced this week it would reduce or suspend mortgage payments for up to six months in cases where the death or injury of a service member created a financial hardship. Fannie Mae also plans to suspend credit reporting during that span to help curb negative impacts on a borrower’s credit profile.
“The men and women of our Armed Forces have shown extraordinary commitment to our country while facing unique challenges as a result of their service,” Jeff Hayward, senior vice president of Fannie Mae’s National Servicing Organization, said in a news release. “No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship. We want to do all that we can to provide support to these families at a time of need as we honor their sacrifices and service to our country.”
Military families can contact their mortgage company or utilize Fannie Mae’s dedicated Military Support Hotline at 1-877-MIL-4566 to learn more.The Washington-based mortgage company has also built a new online resource for consumers. The site is KnowYourOptions.com.
Fannie Mae also plans to disseminate printed materials about special forbearance programs on military bases across the United States.
Military officials lauded the push to provide mortgage relief to American service members and their families. The plan is open to all borrowers, not just those with VA loans.
“We who serve alongside our military recognize the great sacrifice they and their families make each day,” Katherine Hammack, assistant secretary of the Army (Installations and Environment), said in a news release. “The initiative between Fannie Mae and the lending community recognizes their sacrifice and demonstrates our gratitude for those who face economic hardships as a result of their service. We are profoundly grateful for this heartwarming response from the lending community as they become partners in designing and implementing this initiative.”
Image: Nieve44/La Luz
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