If you or someone you know has lost a job and are in danger of falling behind on mortgage payments, here’s some potentially important news: The two largest players in home mortgages, Fannie Mae and Freddie Mac, are revising their policies on forbearance when unemployment interferes with a borrower’s ability to stay current on a loan.
Forbearance is a process in which a lender or mortgage servicing company suspends — that is, cuts to zero — or reduces required monthly payments for a specific length of time. On loans they own or have securitized, Fannie and Freddie are now directing servicers to forbear when a borrower can show the loss of a job.
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