FHA REVISED Unemployment Special Forbearance program launces 1 August 2011
HUD/FHA MORTGAGEE LETTER 2011-23 Unemployment Special Forbearance: Temporary Program Changes and Clarifications
Mortgage relief for unemployed who have FHA loans. Thursday, 7 July 2011, HUD announced in Mortgagee Letter 2011-23 that it is modifying the FHA Mortgage Forbearance program, effective 1 August 2011 to allow
unemployed homeowners, with FHA loans, to miss 12 monthly payments. The program will continue for two years from the date of activation. The borrower must remain in the home as an 'owner occupant' and all rules and guidelines found in HUD Mortgagee Letter 2000-05 will apply, as well as the modifications that were made under HUD Mortgagee Letter 2002-17.
The bottom line is this... the federal government is apparently trying to stave off additional foreclosures, where possible. It is projected that this latest effort, spawned by President Obama's Making Homes Affordable program, could help save up to 30,000 homes, across the US.
Stay tuned... more to come as we keep an eye on how this plan works out.
Lori & G-II (Lori Klindera & G-II Varrato II) REALTORS(r) with Coldwell Banker Residential Brokerage in Phoenix, Arizona. "G-II" is retired USAF. They are the Number One Short Sale REALTOR(r) team for Coldwell Banker Residential Brokerage in Arizona. They have continually been ranked in the top 3% of all REALTORS(r) for all Arizona, with Coldwell Banker Residential Brokerage, for the past 10 years. In 2010 they were ranked 8th in the state in overall production.