Fannie Mae Forbearance Agreement Form: A Guide for Homeowners in Need

The COVID-19 pandemic has brought about unprecedented challenges for homeowners across the country. Many have experienced job loss, income reduction, and financial hardship, leading to difficulties in paying their mortgage.

If you are a homeowner struggling to make your mortgage payments due to COVID-19-related circumstances, you may be eligible for a forbearance agreement through Fannie Mae.

What is a Forbearance Agreement?

A forbearance agreement is an agreement between a homeowner and their lender to temporarily suspend or reduce their mortgage payments for a set period of time. During the forbearance period, the homeowner is not required to make full mortgage payments, but interest continues to accrue.

The forbearance agreement is designed to provide temporary relief to homeowners who are experiencing financial hardship and allow them to get back on track with their payments.

What is Fannie Mae?

Fannie Mae is a government-sponsored enterprise that provides funding for mortgage lenders by purchasing mortgages on the secondary market. Fannie Mae works with lenders to help homeowners in distress and offers forbearance options to eligible homeowners.

Fannie Mae Forbearance Agreement Form

To apply for a forbearance agreement through Fannie Mae, you will need to complete and submit a forbearance agreement form. This form outlines the terms of the forbearance agreement and provides details on how to request the forbearance.

The form requires the following information:

– Borrower name and address

– Property address

– Lender name and contact information

– Loan number

– Reason for request

– Length of forbearance period requested

– Monthly payment amount

How to Apply for a Forbearance Agreement

To apply for a forbearance agreement through Fannie Mae, follow these steps:

1. Contact your loan servicer: Your loan servicer is the company that you make your mortgage payments to each month. Contact them to discuss your options for forbearance.

2. Complete the forbearance agreement form: If you and your loan servicer determine that forbearance is the best option for you, complete the Fannie Mae forbearance agreement form.

3. Submit the form: Submit the completed form to your loan servicer. They will review the form and determine your eligibility for forbearance.

4. Continue to make payments if possible: If you are able to make partial payments during the forbearance period, do so. This will help minimize the amount of interest that accrues on your loan.

5. Stay in touch with your loan servicer: Keep your loan servicer informed of any changes in your financial situation and stay up to date on the status of your forbearance agreement.

In conclusion, if you are a homeowner experiencing financial hardship due to COVID-19, a forbearance agreement through Fannie Mae may be a viable option for you. Contact your loan servicer to discuss your options and complete the forbearance agreement form to apply. Stay in touch with your loan servicer throughout the forbearance period to ensure a smooth process.