This article came across the wire earlier today.  Dave Edwards linked us to it, and every Realtor should read it.  The more the government tinkers with the real estate market the more it slows the economy and hinders a true recovery.  This change may help unemployed or under-employed homeowners, but it is crippling the real estate market because it can't get back to normal.  Nobody wants to see people lose their homes, but the job of government is not to play dotting parents over every citizen.  Read on, and please leave any comments for Dave.  He'll really appreciate it!!

 

Via Dave Edwards (Dave Edwards Realty):

"Loan servicers collecting payments on FHA-backed loans will be required to allow qualified borrowers who lose their jobs to miss up to 12 months of mortgage payments before initiating foreclosure proceedings against them, the Obama administration announced today.

The FHA's current three to four months of required unemployment forbearance is "inadequate for the majority of unemployed borrowers," Housing Secretary Shaun Donovan said in announcing the change.

"Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six," Donovan said. "Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home."

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Dave Edwards Realty exists to provide real estate services to the Greenville area at an affordable fee. Services may include buying or selling a home, consulting, teaching classes, expert witness, remodeling research, home building research, real estate planning, and more. Dave Edwards is a professional Greenville, SC Realtor and an Accredited Consultant in Real Estate (ACRE).

Market data is based on GGAR and CRS data.

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Mike Cooper, Real Estate Broker, Winchester, VAGive me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

 

Real Estate Sales and Property Management         

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.   Feel free to cackle.)                                                                                                

 
Posted by Mike Cooper on 07/08/2011 10:36 AM   Comments (0)  
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