Fannie Mae Offers Relief to Dead or Dying Homeowners

I don't mean to sound so gruesome about this, but the facts are what they are. If your military spouse was injured or killed in action, Fannie Mae will step up to the plate by easing its foreclosure policy, as reported by The New York Times. Fannie Mae will also help those homeowners who develop serious health problems from exposure to Chinese drywall and are forced to move out of their homes.

What will Fannie Mae do? Its new policy, which went into affect on August 1, will let borrowers skip up to six months of mortgage payments. Of course, a homeowner can't just stop making mortgage payments under these circumstances. First, a borrower needs to get permission in writing from Fannie Mae. It also can take several months to get that permission.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}