On 27 September 2010 at the Pentagon, The US Army announced new initiatives to help service members who are struggling with their mortgages to avoid foreclosure. The US Army, Fannie Mae and several National Lenders signed a memorandum of commitment to acknowledge a mutual commitment to provide assistance for service members with existing mortgages.
Fannie Mae launched a special forbearance initiative for the military when there is a death or injury of a service member on active duty. www.KnowYourOptions.com
We strive to increase awareness of mortgage assistance available at Housing Services Offices Army-wide for Soldiers and Families.
Sixty-seven percent (67%) of Families and Soldiers reside in off-post housing. This includes Soldiers and Families who own their own homes.
Army Housing has partnered with major mortgage companies to assist Service members with their existing home mortgages. The program includes a commitment to help mortgage lenders understand the Department of Defense culture, provide Housing Services Offices (HSO) with a catalog of mortgage assistance programs and a private call-in number for HSO staff to use for mortgage and foreclosure questions that arise during visits from Service members and their Families seeking assistance with existing mortgages. In addition, the Memorandum of Commitment (MOC) will provide HSO staffs with training and educational resources on homeownership through NeighborWorks America, a national non-profit organization that provides training for foreclosure solutions.
Fannie Mae introduced an initiative that allows for a forbearance of up to six months when the death or injury of a service member on active duty causes a financial hardship. Credit bureau reporting will be suspended during the forbearance to minimize any derogatory impact. This program will provide temporary mortgage relief to impacted military Families. Fannie Mae has a special hotline, 877-MIL-4566 that is available to all Service Members for guidance about their mortgage options and how to receive assistance. This program is available across all military services and Fannie Mae is sending fliers directly to our HSOs.