Mortgage Industry Blog

Extension of Forbearance Terms Intended to Set New Standard

The Obama Administration announced adjustments to FHA requirements for servicers to extend the forbearance period to 12 months for unemployed homeowners. The Administration also intends to require servicers participating in the Making Home Affordable Program (MHA) to extend the minimum forbearance period to 12 months wherever possible under regulator and investor guidelines. Adjustments such as these will provide much needed assistance for unemployed homeowners attempting to stay in their homes while looking for work.

Read the entire article at: FHA Extends Forbearance Terms for the Unemployed

Posted: 7/8/2011 9:15:30 AM by Jennifer Sarles | with 0 comments

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