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Obama Administration Requires Banks to Extend Foreclosure Forbearance for Unemployed Workers [View All]

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-11-11 07:14 PM
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Obama Administration Requires Banks to Extend Foreclosure Forbearance for Unemployed Workers
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by Arlene Holt Baker, Jul 11, 2011

The June jobs numbers, which came out on Friday, show just how dire and desperate the situation is for unemployed workers. As I travel the country, I hear the heart-wrenching stories over and overincluding many of those who have been out of work for months and are on the verge of losing their homes. So this weeks White House announcement on helping homeowners with foreclosures is welcome news. Amidst the worsening foreclosure crisis, millions of unemployed homeowners facing imminent foreclosure will finally get some relief through adjustments made by the Obama administration.

Announced on Thursday, the Federal Housing Administrations (FHAs) Special Forbearance Program will now require mortgage loan servicers to extend the forbearance period from three months to 12 months and remove obstacles making it easier for unemployed borrowers to qualify for the adjustment.

The administration also plans to require servicers who are part of the Making Home Affordable Program to extend the minimum forbearance period from four months to 12 months.

FULL story at link.

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