Posted on 01/06/2012 3:43:25 PM PST by tobyhill
Unemployed homeowners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take effect on Feb. 1.
Freddie Mac will give mortgage servicers the authority to provide six months of forbearance to unemployed borrowers without prior approval, and the agency can approve an additional six months of forbearance after that. Homeowners are still responsible for paying off their full mortgage plus interest after the forbearance period ends.
According to a Freddie Mac news release, unemployed borrowers can now avoid foreclosure by asking their lender to lower their payments for up to one year. The latest statistics suggest nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.
(Excerpt) Read more at cbsnews.com ...
..that will make them wanna get a job
Subsidized failure hard at work with your tax dollars.
I feel like such an idiot. Payments on time (cept one that was 15 days late) and I have two left.
To compound the issue. I have a job. When I lost the last one I did something really.. really.. stupid.
I got another one.
for now this is /s but some days.. You really do have to wonder who the stupid people are.
Only 6 months? That only takes them to August. I would have thought 9 months, to - what is it ? November? Hmmm. Perhaps they are counting on 3 months to get the word out.
Does that come with free power ,water and food ,oh and a car
This could only be based on the idea that the cost of foregone debt servicing (i.e., monthly mortgage principal an interest payments) is less than the ultimate cost of having a foreclosure, an empty property sitting in REO inventory with vandalism and rehab costs (e.g., mold infestation) that they think can be avoided by having a non-paying mortgagor in the house.
Maybe that is correct, maybe not. But all that Freddie Mac and Fannie Mae are up to now is loss mitigation. And since the losses net out to the injury of the taxpayer, we had better hope this is indeed correct.
You know how it works, do a 6 month government program that will continue to extend way past 60 years. It’s about votes and none in the 2 party system will object to it. Just keep paying your taxes.
obama is a worthless lying pimp...all of his supporters are whores...i worked for everything i have mt entire life and paid in full for my home...and saved with 401k’s for my non garrentied retirement and am now getting paid back with 0-.5% returns in retirement...yes i am the enemy of the new do nothing hope and change bs mentality...COUNT ON IT!!!!!!!!!!!!!!!!!!!!!!!!!
But i am not out of money nor dead YET and i will fight if necessary to preserved what i have earned!!!!!!!!!!!!
Sorry if anyone is offended...that is NOT my intention of expressing how i feel!!!!!!!!!!!!!!!!!!
It just delays the inevitable and allows for them to not really give a crap about the condition of the property. These are not your ordinary unemployed, these are people that moved into a place they knew they weren't going to be able to afford too long.
Government never learns from failure!
But i am not out of money nor dead YET and i will fight if necessary to preserve what i have earned!!!!!!!!!!!!
Sorry if anyone is offended...that is NOT my intention of expressing how i feel!!!!!!!!!!!!!!!!!!
And how can this happen without being approved by Congress?
Congress is good for nothing anymore it seems. Did they give away there authority or are they just criminal in not demanding that they have any.
Who picks up the tab...as if I can’t guess.
I would like to see the details on this one before getting all worked up - the previous (big fat failures) of mortgage bailouts only delayed an inevitable increase in the overall payments.
Meaning, it’s all a waste of time and taxpayer money anyway, but people are not actually getting anything “free” - they’re getting more screwed over by the fed.
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