FHA Gives Jobless Homeowners One-Year Break

Below I've pasted a couple paragraphs from a recent Associated Press Article, reporting that the Government is currently extending the time that an UNEMPLOYED HOMEOWNER can miss mortgage payments to TWELVE MONTHS before the foreclosure process begins.

 You can read the full Article HERE to see if you fall into the category of those covered by this new program.

If you find like to discuss the current housing market to find out how long homes are taking to sell, or what your home could presently sell for, feel free to give me a call.   Or email me, and  I can email you a free no-obligation list of homes currently FOR SALE, IN ESCROW, or recently SOLD in your neighborhood.

LeeAnn Bell, REALTOR(R)
Cell:  661-309-2364
Email:  LeeAnnRealtor@yahoo.com
DRE License #01260650

By DEREK KRAVITZ

updated 7/7/2011  

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. 

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Here is what one client recently had to say about working with me:

"This one took a tremendous amount of patience, and you were a true professional!  Thank you."

- Dianne B., Canyon Country

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 LeeAnn Bell
661-309-2364
DRE License #01260650