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The Federal Housing Finance Agency says mortgage borrowers aren’t required to make missed mortgage payments all in one lump sum if they receive forbearance under the agency’s directives aimed at helping the nation grapple with the economic fallout of COVID-19.
FHFA Director Mark Calabria issued a statement Monday morning “to combat ongoing misinformation.”
“During this national health emergency, no one should be worried about losing their home,” said Director Mark Calabria. “No lump sum is required at the end of a borrower’s forbearance plan for [Fannie Mae or Freddie Mac]-backed mortgages.”
Calabria encouraged all mortgage lenders to follow the same approach of allowing mortgage borrowers to make the missed payments over a longer period of time.
