Freddie Mac permits up to 12 months of forbearance to unemployed homeowners
Excellent news for unemployed homeowners who may be carrying Freddie Mac mortgages. Starting February 1, 2012, if you make prior arrangements with Freddie Mac through their servicers, there may be up to 12 months of forbearance.
Details below
Freddie Mac Now Permits Up to 12 Months Forbearance to Unemployed Borrowers – Jan 6, 2012
Assistance for Unemployed Homeowners coming
Perhaps someone has been reading my posts about the impact of unemployment in the distressed markets. It may not be the direct help that is required (i.e. more employment) but it is assistance in the form of up to $1,500 to those who are unemployed and at risk of foreclosure. 42,000 of California’s unemployed may benefit.
California is earmarked to receive $476M to help the unemployed.
As with any Federal program, the particulars will be announced in the future, but it looks like November 1 is when the program is slated to go live.
www.keepyourhomecalifornia.com
Stay tuned……
California unemployment rate hits 12.2% in August
Talking heads on TV complain that the US will hit over 10% unemployment by the end of this year and are concerned about the negative impact that will have on the economy, blah, blah, blah…… Yes, it is rough for everyone out there and we should all be concerned.
But want to know how things are playing out in our own backyard? California has hit 12.2% unemployment in August 2009! That’s the highest ever since such data was tracked.
“Only Michigan, Nevada and Rhode Island, at 15.2%, 13.2% and 12.8%, respectively, have higher unemployment rates than California. The national unemployment rate in August was 9.7%.”
As I have been saying repeatedly, until we can resolve this issue of unemployment, foreclosure will continue at records levels, unless we can address one of the root causes: unemployment . People simply do have have sufficient cushion in their savings to allow for sustenance during their unemployment. Luckily, the government is aware of this situation and have started talking about helping out the unemployed stay in their homes.
We will have to see how this effort turns out, but at least we are headed in the right direction.
