With the mortgage crisis still in full swing, it’s nice to see new program initiatives announced to help some of those with possible foreclosure problems. Fannie Mae today announced, along with the US Army, a new program to hopefully help stop foreclosures of homes owned by service men and women as well as the immediate families of those men and women. Families which are facing mortgage problems after the injury or death of a serviceman or woman can request a delay in mortgage payments of 6 months if their loan was provided to them through Fannie Mae.

The 6 month forbearance will be provided by the mortgage lender, and could either be in the form of reduced payments or a suspension of payments altogether for the time period. This would at least allow the family to concentrate on more important things following an injury or death.

The Senior Vice President of Fannie Mae’s National Servicing Organization stated the following regarding the new program, “The men and women of our Armed Forces have shown extraordinary commitment to our country while facing unique challenges as a result of their service. No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship. We want to do all that we can to provide support to these families at a time of need as we honor their sacrifices and service to our country.”

If you are a service man or woman, you can find more information on this new foreclosure program by calling toll free, 877-MIL-4566.