Unemployed homeowners get more relief

Under the policy changes, mortgage companies collecting payments on Federal Housing Administration (FHA)-backed loans will be required to offer 12 months of forbearance for qualified unemployed borrowers, the White House said in a release.

Out-of-work borrowers with these loans now can receive a minimum of four months without mortgage payments.

Companies participating in the administration’s Home Affordable Modification Program will also be encouraged to offer up to 12 months of forbearance for unemployed borrowers.

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