Soldiers Get Forbearance On Late MortgagePayments
McLEAN, Va. - (06/14/05) -- Freddie Mac said Monday it isrequiring its 2,300 credit union and bank mortgage servicers toautomatically extend forbearance on late mortgage payments tosoldiers recently released from active. The company said it isextending forbearance to ensure that lenders do not initiate orresume foreclosures for at least 90 days from the borrower'srelease date. The change is designed to give lenders more time towork with servicemen and women to explore all options for mortgagerelief prior to foreclosure. The new servicer mandate goes beyondthe requirements of the Service Members Civil Relief Act, whichprotects soldiers from creditors only while they are on activeduty.