Earlier in the month, Freddie Mac and Fannie Mae announced that they will be offering unemployed homeowners the opportunity for reduced or suspended mortgage payments for up to a year.
Starting February 1st, Freddie Mac said it will allow companies that collect mortgage payments to give borrowers up to a 12-month break on their mortgages, which is up from the current break of six months. However, the break will only be temporary; borrowers will still owe the payments they have missed.
Freddie Mac senior vice president stated that these expanded forbearance, break in mortgage payments, periods will help provide families the security they need to find new employment and help resolve their delinquencies. “We believe this will put more families back on track to successful long-term home ownership.”
Previously mortgage companies could suspend borrowers’ payments for up to six months with written approval. The longer forbearance terms were only granted for natural disasters. This new policy will allow companies to automatically give a borrower six months and expand it to a year with written approval.
While many markets are experiencing some job growth, this is good news for homeowners who qualify to find employment and get back on their feet. Visit the Freddie Mac or Fannie Mae website to find out if you qualify.
Source: Unemployed with Mortgage Trouble? Freddie, Fannie to Expand Help; The Wall Street Journal
Photo: House on The Boulevard, DH Wright
Tags: advice, fannie mae, freddie mac, mortgage, mortgages, real estate market, Tips
Buying a home can be scary; there is a lot at stake when making this large of an investment. Couple the fears with rumors about the financial process and it would be enough to shy anyone away from buying a home. We asked our friend Michael Maher, real estate professional from Kansas City, some questions about the finances involved in purchasing a home and here’s what he had to say:
What Advice Do You Give to Home Buyers on Qualifying For a Mortgage in This Economy?
Good luck! Just kidding, but you never know until you know. The filter has tightened because the pendulum has swung from a bank’s standpoint. Investors only want the best investments now – many of them got burnt when the bubble burst. If you have great credit and some cash, you will get the lowest rates ever known. If you don’t have great credit and not much cash, then (and perhaps rightly so), homeownership may not be for you. Read the rest of this entry »
Tags: buying a home, refinance, refinancing
The house hunting process, whether renting or buying, is a very exciting time; it also can be very stressful. Finding the perfect home in the perfect location is not always easy and can cause a few headaches. Why add to your stress by trying to remember an additional account’s login information? Now Homes.com is making is easier for you!
Homes.com realized that making it simpler to login to your MyHomes account would alleviate one less thing to worry about. Now users have the added ability to sign into their MyHomes account using their Facebook, Google+ or Yahoo! account. Admit it, you know you’re on Facebook at least once a day, so surely that’s one password you’ll know by heart!
This new addition will make logging into your MyHomes account simpler and easier.
Tags: buying a home, homes.com, house hunting, MyHomes, Renting a Home
Drake, the Grammy nominated recording artist who currently holds the spot for #1 rap album in America, has just put not one, but two, of his Miami luxury beach apartments on the market.
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Tags: Drake, luxury Miami beach home, luxury Miami condos
Design Dilemma
A reader of mine, Mandy, recently asked if I could give her some suggestions on updating her living room. She felt the room was a little dull and didn’t reflect her family’s personality. Mandy was interested in exploring a different color palette and a different room layout but wanted to keep the main colors of the room neutral. Since the furniture in the room was purchased before the couple had children, many pieces showed signs of wear and tear and could use updating.
Inspiration Board
Taking her design needs into consideration, here is the inspiration board I created for Mandy’s living room.
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Tags: decorating, home decor, living room
Earlier in the month, Freddie Mac and Fannie Mae announced that they will be offering unemployed homeowners the opportunity for reduced or suspended mortgage payments for up to a year.
