Does Your Mortgage Qualify?

Many mortgage borrowers can obtain a “forbearance,” which is a limited delay in their obligation to re-pay the mortgage loan.  This forbearance is only available, however, to borrowers whose mortgages that have had some reliance on the Federal government in their creation or processing.  These mortgages, defined as “Federally backed mortgage loans,”
include mortgages purchased or securitized by the Federal Home Loan Mortgage Corporation (Fannie Mae) or the Federal National Mortgage Association (Freddie Mac).  The term also includes mortgages insured 1) by the Federal Housing Administration, 2) under the National Housing Act, 3) by the Department of Veterans Affairs or the Department of Agriculture; or mortgages made 4) under the Housing and Community Development Act or 5) by the Department of Agriculture.

Learn more here!

Have Questions About Your Mortgage?

If you have questions about your rights under the federal stimulus legislation, or need advice about negotiating the terms of your lease, please contact a real estate lawyer in Ann Arbor at PSED. 734-665-4441