Mortgage Assistance

The US Military, Fannie Mae, and several other large home financiers have pledged to help soldiers and their families that are having difficulties with their mortgages. Soldiers injured on active duty, families of any soldiers killed in action, and those soldiers who have recently received Permanent Change of Station (PCS) orders and were unable to sell their home could be granted relief from mortgage payments for up to six months. This relief could be a reduction of payments or suspension of payments. During that period of relief, soldiers and their families would work together to come up with a long-term solution for helping with payments - possibly including loan modifications, a repayment plan, deed-for-lease, or selling the house. In addition to the above circumstances, soldiers will have protection against foreclosure for nine months after termination of active duty status.

In order to take action, there are some documents and information you need to gather. Collect your mortgage statements, paystubs, income tax returns, and any statements you have for other monthly debt payments you make for other loans or credit cards.

Service members are encouraged to visit or call the Fannie Mae Military Support Hotline, 877-MIL-4566. You will want to let the person that answers know you are in the military, what your financial hardship is, and whether this is a temporary or long-term problem you need assistance with. That will let the support staff know which guidance and programs are the proper fit for your situation.