Eligible unemployed homeowners may have their mortgage payments reduced to 31 % or less of their monthly gross income for 3 to 6 months. (fhaloanpros.com)
Bill Apgar, HUD Senior Advisor for Mortgage Finance said today, «HUD's new Emergency Homeowner Loan Program will build on Treasury's Hardest Hit initiative by targeting assistance to struggling unemployed homeowners in other hard hit areas to help them avoid preventable foreclosures.» (bdnationwidemortgage.com)
The government has made changes to its Home Affordable Modification Program (HAMP) allowing periods of temporary forbearance and / or modification of mortgage terms for unemployed homeowners; the Department of Housing and Urban Development has also proposed a TARP - funded program to help underwater conventional borrowers qualify for FHA refinance mortgages starting in the fall of 2010. (fhaloanpros.com)