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Granting a forbearance requires little work.
They added that loan companies should highlight income-driven repayment plans when talking to borrowers before granting a forbearance, according to their presentation.
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Only 3,000 homeowners whose loans are backed by F.H.A. insurance have been granted a forbearance since July.
Also, lenders are not obligated to grant a forbearance except in a few circumstances, like natural disasters or military mobilization.
The new Fannie Mae policy formalizes this approach, giving servicers the authority to grant forbearance for up to six months and instructing them to inform credit agencies that the borrower is not delinquent.
Bidders for MGM have valued its assets at about $1.6 billion, and its lenders have granted the company forbearance on its loans until next month.
His concern about a surge in repossessions is partly the result of moves by the industry early in the 2008 crisis to grant so-called forbearance to help customers stay in homes by, for example, reducing monthly interest payments.
I applied for and was granted deferments and forbearance several times until finally in 2006 my doctor and I ATTEMPTED to correctly fill out the disability discharge paperwork.
In January New Jersey passed a law requiring creditors foreclosing on "high-risk mortgage loans" to grant borrowers a six-month forbearance to modify or refinance the loan.
Only 16,633 homeowners have been granted forbearances under the Treasury's program for lenders who are participating in the government's loan modification program.
In 2003, the Wellmans signed a forbearance agreement with National City.
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