Some good news as reported from MSNBC for homeowners struggling in this economy. Are you struggling? Check out our Avoiding Foreclosure section for helpful information.
“FHA gives jobless homeowners one-year break
Qualified applicants would not have to make mortgage payments during that time
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.”