More Unemployment Bennies for Homeowners

A group of lawmakers in Congress is pushing the White House to extend the foreclosure forbearance period to twelve months for unemployed homeowners whose loans are owned or guaranteed by Freddie Mac or Fannie Mae. The lawmakers are all Democrats and are, in essence, trying to have the White House duplicate the July extension provided to FHA loans. If approved, this would be a significant action on the part of the Obama administration as Fannie and Freddie collectively own or guarantee half of all home mortgages in the country. Stay tuned for more as it becomes available. Meanwhile, however, check with your Congressman (if he or she is a Democrat) and see if they can give you further details, especially on what will qualify one for the extension if it is made available.
Good luck.