July 8, 2011
An FHA press release, HUDNo. 11-139, has announced changes to FHA loan rules which require lenders to extend the loan forbearance period for unemployed FHA borrowers under the Special Forbearance Program. The new forbearance period for that program is now 12 months, a significant change from the previous requirement.
The FHA press release says the Obama administration “also intends to require servicers participating in the Making Home Affordable Program (MHA) to extend the minimum forbearance period to 12 months wherever possible under regulator and investor guidelines.”
According to the FHA, “The changes to FHA
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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