Freddie Mac recently offered the opportunity for military service members to delay foreclosure for nine months as many military personnel returning from active duty are struggling to make their mortgage payments, which has been common among homeowners across the nation. In a recent press release, Freddie Mac stated that servicers will not initiate foreclosure for at least nine months for financially troubled service members as this should give these financial institutions opportunities to find mortgage solutions for military homeowners suffering from financial difficulties in their personal life.
Obviously, there are home loan modification programs which may be available to homeowners in the military, but it’s hoped that these efforts to suspend foreclosures by Freddie Mac can offer particular service members more opportunities to find the affordability they need in their monthly mortgage payment. There have been many cases both with military homeowners and nonmilitary homeowners where traditional modifications have simply been unhelpful in delaying or preventing foreclosure for their personal situation.
While there are also VA loan modification opportunities for those who qualify, this effort by Freddie Mac is hoped to, again, offer an extension on the time a servicer has to find an affordable solution to a homeowner’s predicament when these individuals who are returning from active service duty. This assistance opportunity which is provided to homeowners in a Freddie Mac mortgage will run through the end of 2011, which again, should offer foreclosure prevention options for military personnel in a troubling mortgage predicament.
Understandably, not all military personnel who are offered the opportunity to delay foreclosure on their home loan will benefit even if their servicer seeks out an assistance plan which may help them avoid foreclosure, but additional time to find modification programs, alternative mortgage payment assistance, or even a foreclosure alternative option through short sales or deed in lieu of foreclosure opportunities could be beneficial for military personnel in need of immediate mortgage assistance.