Monday, January 9, 2012

Some unemployed homeowners can miss a year of payments

SAN DIEGO. (LA Times) - On Feb. 1 Freddie Mac will change its policies to allow homeowners who lose their jobs an ability to miss payments for a full year. This change doubles the current forbearance extended to the enemployed and matches the policy to that of Fannie Mae. The two sister companies, currently operating under government conservatorship, guarantee or own more than half of all the mortgages in the country.