NeWS to KnOW

The Obama administration recently announced two programs that will help home owners who have lost their jobs.  These programs will provide mortgage relief to home owners by extending the forbearance period on mortgages to 12 months. The programs give the homeowners more time to figure out how to become current on their mortgage payments.

If you have a FHA loan, the forbearance period will extend from four to 12 months.  The administration also said they would remove hurdles, making it easier for unemployed borrowers to qualify for this program.

If you are a part of the Making Home Affordable Program the forbearance period will extend from 3 to 12 months.  The extensions will allow homeowners more time to get back on their feet before worrying about losing their homes to foreclosure.