PICK YOURSELF UP, DUST YOURSELF OFF AND MOVE FORWARD!
FHA GIVES JOBLESS HOMEOWNERS A ONE-YEAR BREAK!
Okay, so we are now copying England. In England when you get laid off, they give you a year away from your mortgage payments. The government (instead of unemployment benefits) allocates so much money and a portion of that goes to pay your interest on your mortgage for a full year. So basically you have a year to pick yourself up, dust yourself off and MOVE FORWARD!
There is an article in MSNBC today that explains that starting August 1st, 2011, homeowners who have FHA backed loans will be eligible for a full year reprieve from their payments before any sort of foreclosure can proceed. (Apparently our President has cuaght up with the rest of us saying that the housing market has become a drag on the economy.) Now of we could just create some decent-paying jobs, people could stay in their homes!
What they didn't describe about the program is, what if one spouse gets laid off, or does it have to be both spouses that are unemployed. In England it comes into play when only one of the spouses is out of work. And it doesn't detail what happens at the end of the year, or if, like England, the interest during the year gets paid by the government. I'm sure those details will be forthcoming from FHA.
In the meantime, as always, if you'd like to buy or sell a home in Southern California, please don't hesitate to give me a call. I'll be more than happy to help you with your home ownership needs.
Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
