Mortgage Servicing and Loan Modifications: 7.4.2 The Hardship Requirement
Fannie Mae requires that most of its loss mitigation options be offered only to borrowers who are experiencing a financial hardship. Borrowers must submit a standard application form (the GSEs’ Uniform Borrower Assistance Form—Form 710) in order to be considered for the full range of loss mitigation options.197 This form includes a list of circumstances that meet Fannie Mae’s hardship standard.