By Inman News
Inman News™
Share ThisLoan servicers collecting payments on FHA-backed loans will be required to allow qualified borrowers who lose their jobs to miss up to 12 months of mortgage payments before initiating foreclosure proceedings against them, the Obama administration announced today.
The FHA's current three to four months of required unemployment forbearance is "inadequate for the majority of unemployed borrowers," Housing Secretary Shaun Donovan said in announcing the change.
"Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six," Donovan said. "Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home."
Although not all borrowers will qualify for the special forbearance program, the administration said it's removing upfront hurdles to qualification. Servicers must provide any borrowers who are denied forbearance with the reason for denial, and allow the borrower at least seven calendar days to submit additional information that may impact the servicer's evaluation.
More here.
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!
Posts
No comments:
Post a Comment