Are You Unemployed and Worried About Foreclosure

Thu, 2012-01-12 16:10

Here's a little good news if you are unemployed and worried about foreclosure and you have an FHA loan.

Fannie Mae has extended a program for 1 more year that might help you avoid foreclosure, if you qualify. With this program you could skip your mortage payment for six months or maybe even as long as 1 year.

According to the Department of Housing and Urban Development:

  • 60% of the unemployed have been out of work for more than 3 months
  • 45% have been out of work for more than six months

Approximately 3,500 borrowers fall into 90-day delinquency every month as a direct result of unemployment. In Oklahoma the maximum weekly unemployment benefit is $368*. The median Oklahoma mortgage payment is $690 per month**.

For more information contact your lender or the Department of Housing and Urban Development.


Stephen Rimmer, CFP®, Certified Financial Planner,™

Doug Brown, Investment Advisor

January 16th, 2012

* Oklahoma Employment Securities Commission

** Simply Hired

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