Forbearance Extension Now Available - Short Sale Fundamentals
 
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09
Jan

Forbearance Extension Now Available

mortgage servicer forbearance extendedFreddie Mac has decided to extend the available forbearance periods for unemployed homeowners. Previously borrowers facing extended unemployment were only eligible for, at most, 6 months of reduced payments. And that required prior approval.

Now, borrowers can receive up to 1 year of forbearance from mortgage payments. This could be extremely useful as delinquencies and unemployment remain high.

The economy is definitely slow in recovering and the housing market has been suffering too. And we all feel that Freddie Mac should shoulder a ton of the blame for the tough economy and some small measures of help feel kind of bitter. But let’s start of 2012 with a little more sympathy. If some homeowners are helped by this move then I’m all for it.

But if anyone thinks the long term solutions lie in Freddie Mac’s hands you’re in for a shock as we march into the New Year. The people like us, the Short Sale experts pounding the pavement, will be the ones to get property values up, home prices stabilized, and right the housing market.

I believe in you and your abilities. I’ve seen the successes of my proteges and I know what we’re capable of together. Why not make it a year where you accomplish something great.

  • js

    Yet another patch solution by the government which puts the power into the hands of the banks.  The only solution is principal reduction, let's get to it and get this economy moving.



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