Most of the accommodations that have
been allowed lenders and borrowers by the Federal Housing Finance Agency (FHFA)
due to the COVID-19 pandemic were modified or extended this past week. FHFA,
the regulator and conservator of the GSEs Fannie Mae and Freddie Mac, extended
eligibility for mortgage forbearance by three months. Forbearance allows
homeowners who are financially impacted by the pandemic, to temporarily reduce
or forego mortgage payments. It has been available for three-month terms with
extensions available up to a total of 12 months. Existing plans would begin
reaching that deadline at the end of March but FHFA has now authorized an
additional three-month term
, a total of 15 months. An estimated 2.7 million
homeowners are in active plans.

 

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