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Fannie Mae, Freddie Mac offer help to homeowners in COVID-19 crisis

Existing Home Sales And Prices Hit Record High
Posted at 10:05 PM, Mar 18, 2020
and last updated 2020-03-18 23:05:00-04

KANSAS CITY, Mo. — Two of the country's best-known mortgage lenders want to help people to keep their homes.

Fannie Mae and Freddie Mac both released statements on Wednesday detailing help they will offer borrowers.

The effects of the COVID-19 crisis have meant workers have lost jobs and the paychecks that go with them.

Fannie Mae said it will suspend foreclosure sales and evictions of borrowers for 60 days, according to the company statement.

In addition, homeowners are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months.

Freddie Mac also is offering mortgage forbearance for up to 12 months for people who can't pay their mortgages.

Both also will waive late fees, according to their statements.

They also will suspend reporting past due payments of borrowers in a forbearance plan.

More information can be found at freddiemac.com and fanniemae.com.