Fannie Mae Offers Mortgage Relief to Military Families

Military families might soon be getting some mortgage relief from mortgage firm Fannie Mae.

The company announced new, joint initiatives this week with the Armed Forces that would help families struggling in the wake of an injury to or death of a service member. In those cases, mortgage payments can be reduced or suspended for up to six months.

The agency also plans to stop reporting to credit bureaus during that span, in an attempt to limit negative impacts on a borrower’s credit score.

“The men and women of our Armed Forces have shown extraordinary commitment to our country while facing unique challenges as a result of their service,” Jeff Hayward, senior vice president of Fannie Mae’s National Servicing Organization, said in a news release. “No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship. We want to do all that we can to provide support to these families at a time of need as we honor their sacrifices and service to our country.”

Fannie Mae is the nation’s largest purchaser and backer of home loans. The company owns or guarantees more than $3 trillion in mortgages.

Service members can contact their mortgage company to inquire about the special forbearance. Fannie Mae has a suite of information on their new consumer website, KnowYourOptions.com, along with printed materials that will be available on military bases nationwide.

You can also call the Fannie Mae Military Support Hotline at 1-877-MIL-4566.

“We who serve alongside our military recognize the great sacrifice they and their families make each day,” Katherine Hammack, assistant secretary of the Army (Installations and Environment), said in a news release. “The initiative between Fannie Mae and the lending community recognizes their sacrifice and demonstrates our gratitude for those who face economic hardships as a result of their service. We are profoundly grateful for this heartwarming response from the lending community as they become partners in designing and implementing this initiative.”