Mortgage financing giants Fannie Mae and Freddie Mac announced that homeowners in forbearance can request payment deferrals and tack any missed payments on to the end of their loan term, without penalty or added interest.

Under forbearance, homeowners are still required to repay any missed payments. But the government-sponsored enterprises made clear in an announcement Wednesday that borrowers do not have to repay them all at once.

Freddie Mac stated that borrowers taking one of its mortgage deferral solutions will be able to eventually resume their monthly mortgage payment to its pre–COVID-19 amount by adding up to 12 months of missed payments—including escrow advances—to the end of the mortgage term. Borrowers will not accrue any extra interest or late fees. Its solution is effective July 1, the date when mortgage servicers will begin to evaluate homeowners with resolved COVID-19–related hardships for eligibility.

“Our main focus continues to be finding new and innovative ways to help borrowers and their families during this pandemic,” says Donna Corley, executive vice president and head of Freddie Mac’s single-family business. “Our payment deferral solution adds another tool to our toolbox to help homeowners pick up where they left off once they’ve recovered from a short-term financial hardship.”

Fannie Mae and Freddie Mac are allowing homeowners affected financially by the COVID-19 pandemic to pause their mortgage payments for up to a full year through forbearance. By the start of May, nearly 4 million homeowners had taken advantage of the government’s or a bank's mortgage forbearance program, according to data from Black Knight, a mortgage analytics firm.

Loan servicers are to reach out about 30 days before a borrower’s initial forbearance plan is to end to determine what type of repayment plan is needed.

Fannie Mae says that homeowners will have several options to pay back missed payments, including rolling the payments to the end of their mortgage as well as repaying in full—if they wish to—or setting up a repayment plan to gradually catch up.

Fannie and Freddie also said loan modifications could be possible depending on the borrower’s situation.

The National Association of REALTORS® applauded the Federal Housing Finance Agency's move to deliver greater certainty to homeowners who need to take forbearance. This move offers "solutions and some much-needed certainty to the millions of U.S. families facing unemployment and unsure how they will cover next month’s bills," says Vince Malta, NAR's president. "This flexibility will be invaluable for American consumers as we begin to emerge from this crisis and restart our economy."

To determine whether a loan is owned by one of the GSEs, visit Fannie’s lookup tool or Freddie Mac’s lookup tool.


Posted by Gabriel Leyba on May 22nd, 2020 8:06 PM

The coronavirus pandemic has thrown millions of people's financial plans off the rails, and that certainly includes home buying. If you were hoping to purchase a property soon, you no doubt have a lot of questions:

Is it possible to buy a house now?

While buying a house today may be more challenging due to health and economic concerns, it is certainly possible. In fact, the U.S. Department of Homeland Security has declared that residential and commercial real estate services are an essential service that should be allowed to continue. (State orders, however, may overrule that guidance.)

Furthermore, the real estate industry has quickly adopted new technologies to help home buyers and sellers stay safe for as long as this pandemic lasts.

However, certain aspects of the home-buying process might be restricted or look a bit different these days. For instance, as COVID-19 outbreaks gained momentum, certain hard-hit states (such as New York) banned in-person home viewings. And while home closings typically involve the presence of the buyers, the sellers, their agents, and a notary, some states allowed remote or "curbside" closings, where documents are slipped through car windows to lower the exposure levels of all parties involved.

Aside from federal and local restrictions, a lot will depend on the home sellers' comfort levels. Some sellers might be fine with your touring their house. But others might not be comfortable letting strangers in their home, even if property tours are allowed.

Call us at 505.473.0223 to determine what home buyers can and can't do in your area and for the most up-to-date information.

By Margaret Heidenry Copyright by

Posted by Gabriel Leyba on May 13th, 2020 3:15 AM

Visit for more articles like this.


Posted by Gabriel Leyba on April 26th, 2020 3:38 AM

John Michael Salazar

John Michael has lived and worked in Santa Fe his entire life.  He is a graduate of both Capital High School and the College of Santa Fe.  John worked in local government for nearly 20 years in planning and zoning and he also has a background in construction working for his family’s construction business. John Michael understands residential construction; from drafting the plans, to permitting, to building the actual home. His experience in these fields gives him excellent insight into the Santa Fe and Albuquerque metro area markets, whether buying or selling a home.    

 John Michael and his wife Shaina are raising three sons. He is an active member in the community, having been a member of the City of Santa Fe Planning Commission, the Santa Fe Public Schools Citizen Review Committee, an assistant varsity football coach for Capital High School, and has volunteered for various youth leagues in Santa Fe including Santa Fe Little League, the Northern New Mexico Children’s Football League, and the Rio Rapids Northern Soccer Club. John Michael is a member of the National Association of Realtors, New Mexico Association of Realtors, Santa Fe Association of Realtors, Greater Albuquerque Association of Realtors, and the Government Affairs Committee for the Santa Fe Association of Realtors.

Posted by Gabriel Leyba on April 14th, 2020 3:56 PM

Visit for more articles like this.


Posted in:COVID19
Posted by Gabriel Leyba on April 11th, 2020 12:20 AM