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Multiple forbearance repayment options are available, these include a repayment plan to allow for missed payments to be caught up gradually or permanent modification of the loan terms that allow you to maintain your current monthly payment or reduce it further. Mortgage holders will also see late fees being relieved during their forbearance plan. The Fannie Mae forbearance plan offers clients a reduction or suspension of mortgage payments for six months at a time for up to 12 months.
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If your mortgage is backed by Fannie Mae and you find yourself unable to pay due to income reduction, job loss, or sickness as a result of COVID-19, you have the options of: Mortgage Relief From Fannie Mae and Freddie Mac Mortgage Relief From Fannie Mae The good news is that if your loan is backed by Freddie Mac or Fannie Mae, these lenders are offering relief options. These hardships are leaving families facing mounting debt and delayed mortgage payments are creating a general panic among Americans who are now jobless. During the time of the Coronavirus pandemic, many families are experiencing economic hardships.