The Final State of the Union
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Summary:
Changes to Federal Housing Administration’s Special Forbearance Program announced today will require servicers to extend the forbearance period to 12 months for unemployed borrowers who qualify.
Today, the Obama Administration announced adjustments to the Federal Housing Administration's (FHA) Special Forbearance Program requiring servicers to extend the forbearance period for unemployed homeowners to 12 months. These changes will allow unemployed homeowners more time as they seek employment and attempt to stabilize their income.
Learn more about today's announcment by reading the FHA fact sheet.
