FHA gives jobless homeowners one-year break

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.”

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