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**.
WE GUIDE, YOU DECIDE
Stephen Rimmer, CFP®, Certified Financial Planner,™
Doug Brown, Investment Advisor
January 16th, 2012