Fannie Mae and the U.S. Army announced Monday at an event at the Pentagon that there were new initiatives available to servicemembers facing possible foreclosure.
New measures include a telephone hotline, 877-MIL-4566, which all servicemembers can call to get help and guidance about their mortgage situations. There's also a six-month forbearance available for families of military personnel injured or killed on active duty when that injury or death causes a financial hardship.
For the special forbearance, the servicemember or family should contact their mortgage company, which may grant up to six months of forbearance, with Fannie Mae's approval and under its "Unique Hardships" guidelines.
Printed materials are also available from Fannie Mae on military bases that are designed to help servicemembers understand options open to them if they are having problems making mortgage payments. In addition to that, the agency's website has a special section for the military at www.KnowYourOptions.com/Military.
Read about veterans' benefits at AdvisorOne.com.