As reported on CBS11 News tonight as well as MSNBC, Finally something positive is being done by the government in an effort to curb the number of foreclosures on the market. In an effort to revamp its troubled foreclosure-prevention program, the Obama administration is making it easier for out-of-work-homeowners to stay in their homes.
Starting 1 August 2011, the Federal Housing Administration (FHA) will extend the period for unemployed homeowners to miss mortgage payments to a full year from the three or four months that it is currently. This will allow qualified homeowners to go without making a mortgage payment for one full year before the foreclosure process begins.
This extension in the grace period only applies to FHA-backed loans, which traditionally are given to low and middle income borrowers. FHA-backed loans represent about 14% of all active mortgages and roughly 25% of new mortgages, and homeowners in the government’s foreclosure-prevention program.. There are around 10,000 homeowners in the foreclosure program and about 3,500 FHA-backed homeowners per month would be eligible.
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