HUD Extends Minimum Forbearance Period for Jobless Homeowners

The Department of Housing and Urban Development (HUD) has modified the FHA Special Forbearance Program and the Making Home Affordable Unemployment Program to allow unemployed homeowners more time to obtain a job. “The changes to the FHA’s Special Forbearance Program will require its servicers to increase the minimum forbearance period for qualified homeowners from four months to 12 and servicers participating in the MHA Unemployment Program (UP) to extend the current minimum forbearance period from three months to 12 where it is possible under regulator and investor guidelines.” http://bit.ly/q98fWr

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