If you are unemployed and having trouble making your mortgage payments, the Obama Administration is offering some relief. The forbearance period will be extended from 3 months to 12 months. Upfront hurdles will also be removed making it easier for unemployed borrowers to qualify. Even if you are seriously delinquent, this program may work for you if you don’t have a job.
“The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” U.S. Housing and Urban Development Secretary Shaun Donovan said. “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. Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home.”
Contact a certified housing counselor for more information. Don’t pay for foreclosure help. There are free services that can help. In most communities it’s as simple as dialing “211” to find free help. Click here to read more about your options to save your home.
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