Coronavirus leads Fannie Mae to offer home refinance options to homeowners

Federal National Mortgage Association will help families impacted by coronavirus crisis

The Federal National Mortgage Association, otherwise known as Fannie Mae, wants to do its part in ensuring mortgage lenders have one less burden on their shoulders during the coronavirus crisis.

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Fannie Mae announced Wednesday that it has suspended sales and evictions for the next 60 days, and people who have a forbearance plan -- a special agreement to delay a foreclosure -- will be immune from any late fees. In addition, "Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months," Fannie Mae said in a statement.

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If your mortgage is a Fannie Mae-owned mortgage you can access national emergency options through its Disaster Response Network.

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“Our thoughts are with everyone who may be impacted by COVID-19 and we urge you to stay safe and well during these unprecedented times," said Malloy Evans, Fannie Mae senior vice president and single-family chief credit officer. "Fannie Mae, along with our lending and servicing partners, is committed to ensuring assistance is available to homeowners in need. We encourage residents whose employment or income are impacted by COVID-19 to seek available assistance as soon as possible.”

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