Obama Announces More Aid for the Unemployed

Obama Announces More Aid for the Unemployed
Home owners who have lost their jobs will get more mortgage relief. The Obama administration has announced that two programs for unemployed home owners will extend the forbearance period on mortgages to 12 months.

For unemployed home owners with a Federal Housing Administration loan, the forbearance period will be extended from four months to 12 months. The Obama administration also said it will remove hurdles to make it easier for unemployed borrowers to qualify for FHA’s Special Forbearance Program.

“The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” U.S. Housing and Urban Development Secretary Shaun Donovan said in a statement. “Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six. Providing the option for a year of forbearance will give struggling home owners a substantially greater chance of finding employment before they lose their home.”

The administration also announced that it will extend the minimum forbearance period in the Making Home Affordable Program from three months to 12 months for eligible unemployed home owners, when possible under regulator and investor guidelines. Forbearance will also be available to borrowers who are seriously delinquent.

All FHA-approved mortgage servicers are required to participate in FHA’s Loss Mitigation Program, which includes the Special Forbearance program. 

Obama: More Needs to be Done to Handle Housing Crisis

The announcement of more aid for unemployed home owners comes shortly after a Twitter town hall meeting Wednesday where President Obama said one of his administration’s biggest mistakes in its handling of the economy has been its response to the housing crisis and “not doing enough” to help home owners.

"The continuing decline in the housing market is something that hasn't bottomed out as quickly as we expected, and so that's continued to be a big drag on the economy," Obama said during the town hall forum. "We've had to revamp our housing program several times to try to help people stay in their homes and try to start lifting home values up."

Source: “Obama Administration Offers Additional Mortgage Relief to Unemployed Home Owners,” HUD (July 7, 2011) and “At Twitter Town Hall, Obama Concedes ‘Not Enough’ Done to Address Housing Crisis,” Washington Post (July 7, 2011) and U.S. Department of Housing and Urban Development (July 7. 2011)

 

 

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on July 8, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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