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Updated about 4 years ago on . Most recent reply

User Stats

36
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6
Votes
Paul Bloomfield
  • Atlanta Ga
6
Votes |
36
Posts

I'm looking to get out of Forbearance

Paul Bloomfield
  • Atlanta Ga
Posted

Hi Guys , I'm not very smart, so I'm turning to the smart people for some clarification. Can some one tell me what the below means. I got it off the FHFA website. 



is it saying, If I owe 6 payments via forbearance, does it mean the mortgage servicer pays the first 4 months and I pay the last 2? 


"When a mortgage loan is in a Mortgage-Backed Security (MBS), Fannie Mae servicers with a scheduled payment remittance are responsible for advancing the principal and interest payment regardless of borrower payments. Freddie Mac servicers, who are generally responsible for advancing scheduled interest, are only obligated to advance four months of missed borrower interest payments. Today's instruction establishes a four-month advance obligation limit for Fannie Mae scheduled servicing for loans and servicers which is consistent with the current policy at Freddie Mac."

Thanks guys

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