Foreclosure Help
How can to use the new law, to stop a home foreclosure, if unemployed?
I heard there is a new law, to help unemployed people, who are in foreclosure. If the Notice of Default has been received, how can I stop the sale?
As of right now, there is no law…. But there is one that is on the table, and is expected to be formally introduced today. The law would require mortgage lenders to reduce a homeowners mortgage payment to a maximum of 31% of the borrowers income if unemployed (this would typically be 31% of their unemployment benefits) for 3-6 months.
In addition to payment relief, there are 4 other key components of the plan. First is that the government will provide incentives to lenders to lower the payments of mortgages that exceed 15% more than the value of the home. So if the home’s value is $100,000… and you own $115,000 on it, banks will be given bonuses if they reduce the loan to less than $115,000.
Secondly, the government will double the amount it gives to lenders to help modify second mortgages and piggy back loans that are a burden on homeowners. So if you have a second mortgage and are struggling to make the payments, the government will be providing more money to help the bank restructure the loans to make it more managable for you to make payments.
Thirdly, the government is looking to provide incentives to banks for helping homeowner who would not qualify for government assitance (for example, they are employed and their mortgage payment is less than 31% of their income) to find other alternatives. As an example, the banks would help in providing assitance for the homeowner to make a short sale of their home.
Finally, the government is looking to expand FHA programs to reduce FHA loans as much as 10% for homeowners who ARE managing to keep their head above water and are making payments.
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