In a new step to help borrowers facing difficulty making their mortgage payments, the Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac will allow a payment deferral option for borrowers who are in forbearance.
The decision will allow borrowers to add missed payments to the end of their mortgage, letting them repay the missed amounts when their home is sold, refinanced, or at maturity.
Read on for more details and industry reaction.