Fannie Mae Announces Mortgage Debt Relief Plan For Military

Surviving spouses and wounded soldiers who are struggling with mortgage debt may qualify for a special forbearance program announced by mortgage guarantor Fannie Mae.

The government-backed company announced plans to reduce or suspend mortgage payments for military families facing foreclosure for a period of six months, giving homeowners time to explore their financial options. During the six months, Fannie Mae will also suspend reporting to consumer credit bureaus to lessen credit score damage for soldiers or their family members.

"No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship," Fannie Mae's National Servicing Organization senior vice president Jeff Hayward said. "We want to do all that we can to provide support to these families at a time of need as we honor their sacrifices and service to our country."

Military members struggling with their mortgage payments are urged to contact their lender and see if they qualify for forbearance under Fannie Mae's "Unique Hardships" program.