The Federal Housing Administration and the Treasury Department will require mortgage servicers to extend the forbearance period for unemployed homeowners to one full year.
The Obama administration also said Thursday it would remove "upfront hurdles" to the FHA Special Forbearance Program, which previously provided a four-month forbearance, to make it easier for unemployed borrowers to qualify.
The Treasury will require servicers participating in the Home Affordable Modification Program's unemployment initiative to extend the minimum forbearance period from three months to of 12. Borrowers participating in the HAMP Unemployment Program, or UP, will be able to obtain a forbearance if they are seriously delinquent.
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2 comments:
Throughout the nation’s economic crisis and financial rebuilding of the last few years, housing has been the root of the most “stubborn” problems the administration has had to tackle.
Cha,
Welcome to Justice League. You have a point about housing. And housing, down economy, unemployment, and the financial crisis will continue to be the root for the Administration to tackle.
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