Soldiers Get Forbearance On Late Mortgage Payments
 
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Soldiers Get Forbearance On Late Mortgage Payments

San Diego, CA - Freddie Mac reported on Monday it is requiring its 2,300 credit union and bank mortgage servicers to automatically extend forbearance on late mortgage payments to soldiers recently released from active duty.

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass through securities and debt instruments in the capital markets.

The company said it is extending forbearance to ensure that lenders do not initiate or resume foreclosures for at least 90 days from the borrower's release date. The change is designed to give lenders more time to work with servicemen and women to explore all options for mortgage relief prior to foreclosure.

The new Freddie Mac mandate goes beyond the requirements of the Service Members Civil Relief Act, which protects soldiers from creditors only while they are on active duty.
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