Posted on 07/09/2011 5:33:56 AM PDT by Libloather
FHA gives jobless homeowners one-year break
Qualified appicants would not have to make mortgage payments during that time
By DEREK KRAVITZ
The Associated Press
updated 7/7/2011 5:25:11 PM ET
WASHINGTON — The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its troubled foreclosure-prevention program.
Starting Aug. 1, the Federal Housing Administration will extend the period for unemployed homeowners to miss mortgage payments to a full year from three or four months. That will allow qualified homeowners to go without making a monthly payment for 12 months before the foreclosure process begins.
The extended grace period only applies to FHA-backed loans, which are usually given to low- and middle-income borrowers and represent about 14 percent of all active mortgages and roughly 25 percent of new mortgages, and homeowners in the government's foreclosure-prevention program. About 10,000 homeowners in the foreclosure program and 3,500 FHA-backed homeowners per month would be eligible, officials said.
(Excerpt) Read more at msnbc.msn.com ...
I guess it’s time to ask myself - Why am I working? Maybe it’s time to kick back and live off the fruit of other peoples’ labor for a while. It seems fashionable to be a deadbeat these days. And profitable.
it’s almost like he’s intentionally trying to crash the banking industry.
Within 5 lots beside mine and across the street there are 5 empty houses and at least one more getting ready to be empty.
In general about 20% of the homes in my area are empty.
well, well...at least ONE campaign promise The One is keeping...”He” is going to pay their mortgages.
Why am I still paying my mortgage every month? Not fair.
agree.
It really will only stall the inevitable. Trying to get my condo refinanced is a joke..that’s because I have been paying my mortgage and work for a living. Gosh, am I stupid or what?
The Obama administration is making it easier for out-of-work homeowners to stay in their homes.
I bet no stats can be found on how many are progressive democrats.
Starting Aug. 1, thanks Libloather.
Ahhhh, more incentives to NOT work. That’s the way to build the Democrat vote base.
Obama 2012:
Destroying Jobs and Self Responsibility but Preserving Your Lifestyle
I'm sure many with FHA home loans are now seriously asking themselves that, and some probably will decide they'd actually rather not work, if they don't have to.
The Obama administration is making it easier for out-of-work homeowners minorities to stay in their homes. There, fixed that.
Agree
And I am glad you see the big picture here for what is going on...the whole system is one step from collapsing as they do this minuet dance.
Meanwhile, I am so happy I actually paid off my home, now worth less than I paid for it, some time ago with savings I had because that seemed to be the prudent thing to do. Well, at least it gives me some spare cash each month to go out and buy some more ammo for the coming REV 2.
Like all the other “relief” programs, it will probably be useless to honest and hard-working people fallen on hard times - the interest will probably continue to accrue, late fees will be charged, the mortgage will continue be reported to credit bureaus as delinquent and destroy credit ratings, and at the end of the year anyone who’s not willing or able to simply walk away from the home will be 100’ deeper in the hole than they were a year earlier.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.