Hardships Caused by Distant Employment Transfers Now Included in HAFA Guidelines

In response to feedback from veterans seeking assistance from the Home Affordable Foreclosure Alternatives (HAFA) program, Fannie Mae and Freddie Mac released a statement last Friday to their servicers requesting that military borrowers who fall behind on their mortgages because of distant employment transfers be considered eligible for HAFA assistance review. Executive Vice President for Credit Portfolio Management at Fannie Mae, Terry Edwards, stated, “Fannie Mae has a long standing commitment to our men and women in uniform…Today, we are reminding servicers of additional assistance we offer to members of the armed forces and their families who may be struggling to make their mortgage payments. Those service members who are transferred to another base through a Permanent Change of State (PCS) order can qualify for a hardship under our current guidelines.” http://bit.ly/py9Zug

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