Are you struggling financially because you lost your job and want to know whether there's a way to reduce the strain of trying to make your monthly mortgage payments until you find a new job?
The short answer: If Freddie Mac owns your loan and you're no more than 12 months behind on your mortgage payments, you might be eligible for temporary unemployment forbearance. It's a way to lower your payments or put them off for a defined period of time while you're unemployed and job hunting.
- Short–term unemployment forbearance suspends or reduces your monthly payments for up to six months.
- Forbearance relief may be extended for up to six more months if you still are unemployed after the initial short–term forbearance period ends.
Contact your servicer and ask for a review of your mortgage terms. A housing counselor also could help you understand your options.
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