They haven't fully set up the criteria needed to qualify for it yet however here is what they are promising:
Fannie Mae
• Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
• Foreclosure sales and evictions of borrowers are suspended for 60 days
• Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
• Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
• Homeowners in a forbearance plan will not incur late fees
• After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
Freddie Mac
• Providing mortgage forbearance for up to 12 months
• Waiving assessments of penalties and late fees
• Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020
• Suspending reporting to credit bureaus of delinquency related to forbearance
• Offering loan modification options that lower payments or keep payments the same after the forbearance period
Fannie Mae
• Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
• Foreclosure sales and evictions of borrowers are suspended for 60 days
• Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
• Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
• Homeowners in a forbearance plan will not incur late fees
• After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
Freddie Mac
• Providing mortgage forbearance for up to 12 months
• Waiving assessments of penalties and late fees
• Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020
• Suspending reporting to credit bureaus of delinquency related to forbearance
• Offering loan modification options that lower payments or keep payments the same after the forbearance period