FEDERAL HOME LOAN MORTGAGE CORPORATION

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Federal Home Loan Mortgage : What U.S. homeowners can do as mortgage forbearance ends

10/15/2021 | 07:00am EDT

Oct 15 (Reuters) - The number of U.S. homeowners exiting mortgage forbearance plans that allowed them to halt payments during the pandemic is expected to rise soon as those who signed up early on in the pandemic reach the 18-month limit for forbearance.

Here are some steps homeowners can take as they approach the end of their forbearance programs:

CONTACT YOUR MORTGAGE SERVICER

The first step for many will be to contact their mortgage servicer, which processes their payments and distributes the money to investors, tax authorities and insurers.

Servicers have simplified the processes and increased staffing levels for the surge in inquiries from borrowers reaching the end of forbearance, according to the Mortgage Bankers Association.

FIND OUT WHO GUARANTEES YOUR MORTGAGE

The payment plans available to borrowers with loans guaranteed by Fannie Mae may be somewhat different from loans backed by Freddie Mac or those held by private investors.

Borrowers can find out who owns their mortgage by contacting their servicer or looking it up online through tools on the websites for Fannie Mae https://www.knowyouroptions.com/loanlookup or Freddie Mac https://loanlookup.freddiemac.com/index.html.

CHOOSE A PAYMENT PLAN

While options can vary, borrowers exiting forbearance should be able to choose between resuming their previous payments; receiving a loan modification that reduces their monthly payments; or paying what they owe by selling their home or refinancing, options now more feasible because of the strong housing market.

The changes should require little to no documentation from homeowners, and many borrowers should be able to request that missed mortgage payments be deferred to the end of their loans, housing counselors say.

FIND A HOUSING COUNSELOR

Homeowners struggling to find an affordable payment plan or confused about where their mortgage stands can seek help from a housing counselor who can help them navigate the process.

The U.S. Department of Housing and Urban Development https://www.hud.gov/i_want_to/talk_to_a_housing_counselor sponsors housing counseling agencies across the country that can help people avoid foreclosure or homelessness. Counselors can help borrowers communicate with their lenders or mortgage servicers if they are having a hard time switching to another payment plan.

Homeowners can also turn to the agencies backing their mortgage, such as Fannie Mae or Freddie Mac, for more information about available assistance.

(Reporting by Jonnelle Marte in New York; Editing by Andrea Ricci)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FEDERAL HOME LOAN MORTGAGE CORPORATION 3.55% 0.435 Delayed Quote.-47.59%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.21% 0.452 Delayed Quote.-44.88%
HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED 0.43% 35 End-of-day quote.-10.14%
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Financials (USD)
Sales 2022 15 427 M - -
Net income 2022 7 763 M - -
Net Debt 2022 - - -
P/E ratio 2022 0,18x
Yield 2022 -
Capitalization 1 401 M 1 401 M -
Capi. / Sales 2022 0,09x
Capi. / Sales 2023 0,09x
Nbr of Employees 7 301
Free-Float 54,6%
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 0,44 $
Average target price 1,00 $
Spread / Average Target 130%
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Managers and Directors
Michael J. DeVito Chief Executive Officer & Director
Michael Thomas Hutchins President
Christian Mark Lown Chief Financial Officer & Executive Vice President
S. Sara Mathew Non-Executive Chairman
Jerry Mauricio Chief Compliance Officer & Senior Vice President