Just announced a few minutes ago--starting August 1, 2011, the Federal Housing Administration, better known by its initials: FHA, will extend and expand its foreclosure forbearance program for unemployed mortgage holders. Presently limited to a max of 3-4 months, the revision will allow qualified FHA borrowers who are unemployed to go as long as one year without having to make mortgage payments. After the year is the earliest that foreclosure proceedings could commence under the expanded program. This new program applies ONLY (I'll repeat that:ONLY) to loans that are backed by the FHA. If you're not sure, check with your lender or call the FHA directly.If you are accepted into the program you will eventually have to repay the entire loan, just as you're currently obligated to do. But the delay in payments is the important thing if you're unemployed. It's one less strain on a what likely is a very limited budget for you.
Additionally, the Government is hoping that the country's private lenders as well as Fannie Mae & Freddie Mac, , following the FHA's lead, will develop similar policies on their own. If you're unemployed and have a mortgage that is FHA backed, don't wait! Call your lender or the FHA NOW!
As always, good luck.
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