elliottonrealestate.com » forebearance http://elliottonrealestate.com Insights on Atlanta Area Real Estate Tue, 13 Jul 2010 13:30:12 +0000 http://wordpress.org/?v=2.8 en hourly 1 Unemployed Might Get Anti-Foreclosure Help http://elliottonrealestate.com/anti-foreclosure-072109/ http://elliottonrealestate.com/anti-foreclosure-072109/#comments Tue, 21 Jul 2009 12:00:33 +0000 Elliott Robinson http://elliottonrealestate.com/?p=326 The Obama administration is reportedly considering a program that would give loan forbearance to the unemployed. The aim of the program is to provide help without distorting the housing market.

The program would augment the federal loan modification program, giving unemployed workers more time and financial leeway to qualify for a new loan.

So far the loan modification program hasn’t been very successful for a variety of reasons, including the declining equity many troubled borrowers have in their homes and rising unemployment figures that make lenders unwilling to participate.

Last week, the U.S. Treasury Department asked the 25 largest mortgage service companies to appoint a liaison officer to work with the government to slow defaults. On July 28, Treasury will host a meeting with these servicers to examine whether qualified applicants are being ignored.

Source: Reuters News, Patrick Rucker and David Lawder (07/13/2009)

——————–
Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com

]]> http://elliottonrealestate.com/anti-foreclosure-072109/feed/ 0