Homeowners who fall behind on their mortgage payments will soon have the ability to defer payments through a new service being offered by Fannie Mae and Freddie Mac.

"To qualify, borrowers must have encountered a financial hardship that has been resolved, and they must have the capacity to make existing monthly mortgage payments based on their contract and not require a payment reduction unlike a loan modification or forbearance.

Additionally, the mortgage must have been originated at least 12 months prior to the evaluation date. Borrowers must be between 30 and 60 days delinquent and have not received a previous deferral nor failed a non-disaster related loan modification."

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