What is a hardship review?
A hardship review evaluates a borrower’s financial situation to determine eligibility for assistance programs. Servicers review income, expenses, hardship reasons, and the borrower’s ability to resume payments. Freddie Mac requires servicers to conduct thorough and timely reviews.
Related FAQs
- Can borrowers receive multiple hardship assistance options?
- What is a streamlined modification?
- Why do servicers monitor borrower performance after assistance?
- What documentation is needed for hardship assistance?
- Can I get assistance after a natural disaster?
- What is a loan modification?
- How do servicers evaluate hardship requests?
- What should I do if I can’t make my mortgage payment?
- Does Freddie Mac offer hardship assistance?
- What is mortgage forbearance?
- Do I have to repay missed payments after forbearance?
- What is payment deferral?