Military families struggling with a mortgage payment because of the death or injury of a service member on active duty will get some assistance, under a new program backed by Fannie Mae.
It includes a mortgage payment forbearance of up to six months in such cases.
"No family impacted by the death or injury in the line of duty should have to face the additional burden of foreclosure as the result of the hardship," said Jeff Hayward, senior vice president of Fannie Mae's National Servicing Organization.
Under the program, lenders may suspend or reduce a borrower's monthly payments for up to six months under Fannie Mae's "Unique Hardships" guidelines. Credit bureau reporting will also be suspended during the forbearance, meaning qualified families participating in the program will not see their credit scores negatively affected
Read more: Fannie Mae offers military hardship break - Washington Business Journal
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