Thursday, December 14, 2017
 
 
News: Page (1) of 1 - 07/07/11 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook
Gov't to ease foreclosure rules for unemployed
Government will extend period for unemployed homeowners to miss payments to a full year
By The Associated Press

WASHINGTON (AP) ' The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its signature but troubled foreclosure-prevention programs.

Starting Aug. 1, the Federal Housing Administration will extend the forbearance period for unemployed homeowners in its programs from three or four months to a full year. That will allow qualified homeowners to miss payments for 12 months before the foreclosure process begins.

The government launched a foreclosure program in 2009 to help those at risk of foreclosure by lowering their monthly payments. Borrowers start with lower payments on a trial basis. But the program has struggled to convert them into permanent loan modifications.



In recent weeks, administration officials have acknowledged that housing has become a significant drag on the economy.


Page: 1


 
 
 
 
 
 
 
 
 
 
 





Our Privacy Policy --- About The U.S. Daily News - Contact Us - Advertise With Us - Privacy Guidelines