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Freddie Announces No Lump Sump Required After Forbearance

Posted To: MND NewsWire

Freddie Mac has laid out options that borrowers who have been granted forbearance on its loans have when it comes to repayment. The company’s CEO David Brickman stressed that borrowers will never be asked to repay missed payments in one lump sum. March, the company, along with the other GSE Fannie Mae, announced several actions to assist homeowners facing financial hardship due to COVID-19. These include forbearance during which a borrower’s payments are reduced or suspended. While borrowers in forbearance must repay the missed payments, full repayment immediately following forbearance is just one option open to them. Brickman said, “Simply put, if you are a homeowner seeking forbearance and Freddie Mac owns your loan, you are never required to make up missed payments in a lump sum. Our policies…(read more)

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