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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Mortgage Forbearance is Preferable to a Foreclosure


The CEO of Freddie Mac, Charles E Haldeman Jr, told reporters that the least attractive option is a foreclosure.  He stated that a forbearance is a viable option to keep seriously delinquent borrowers in their homes.

Haldeman discussed the importance of forbearance in the loss mitigation process. He said that a forbearance is definitely not as popular as a mortgage modification or even as a short sale but is still an option that is highly effective in the loss mitigation process.

He went on to say that a forbearance is not a new idea, nor is a new government bailout program like the HAMP program.  It is a tool that has been around for a long time and will be a tool that will be around long after the HAMP program is gone.

If you or someone  you know needs help with a loan modification please fill out a form on this website or call 866-437-9061 to speak with a specialist today.