CHESSNOID

Yes, there will be some effects to you and me if we are applying for credit like buying a car or house. Maybe not much since most banks are NOT giving out loans.  This downgrade is a reflection of our country not being able to live within its means.  We actually borrow money to pay [...]

The FHA is to offer a 12 month grace period (forbearance) to unemployed borrowers?. Prior to the update is was up to 4 months. Now, if you qualify the opportunity to skip 12 payments will be available.

On August 1, the Federal Housing Administration plans to extend the amount of time homeowners will be [...]

These are tough economic times and if you are unemployed there are more options on delaying a possible foreclosure.  If your mortgage is FHA insured, then under the new rules the Obama administration is setting up you might be able to get a FHA 12 month forbearance.  This means that you will not only delay [...]

This is a new program that the current Obama administration is putting together in hopes of reducing foreclosures.  Basically, any government insured loan where the borrower is unemployed will have 12 months instead of 4 months to find a job and at the same time skip payments for that period of time.
I don’t know when [...]