Foreclosure Prevention Options for Military Families - Statement by Leslie Peeler, SVP, National Servicing Organization
"Fannie Mae is committed to making sure that men and women in uniform have options to address their mortgage challenges. No military family should face foreclosure as a result of a Permanent Change of Station (PCS) order. In October 2011, Fannie Mae issued guidance to servicers to clarify that PCS orders can qualify military families for foreclosure prevention alternatives such as modifications or forbearance plans.
“As FHFA Acting Director DeMarco announced today, Fannie Mae will issue guidelines to make military families that receive PCS orders eligible for short sales and deeds-in-lieu of foreclosure. These ‘graceful exits’ allow homeowners to avoid foreclosure if an affordable monthly payment cannot be created. Any military family with a Fannie Mae-backed loan that is having difficulty making their mortgage payments can call 877-MIL-4566 or visit www.KnowYourOptions.com/Military for help in preventing foreclosure.
"Fannie Mae will continue to work with the FHFA, Consumer Financial Protection Bureau (CFPB) and the Department of Defense to make sure that military families have the foreclosure prevention options that they deserve. We are particularly pleased to work with Holly Petraeus of the CFPB who is a true champion for military men and women."