Making heads or tails of Homeowners Assistance Programs
Unemployed and not feeling so optimistic about finding a new job?
There are a ton of options now. I'm still trying to make heads and tails out of them all!
Will they help? Don't know but let's see what happens.
Jose Palomo of Riverside County in California lost job for the city of Riverside and his mortgage lender told him there was no way he could save his house from foreclosure. Just recently he found out that he was approved for a forbearance program from CitiMortgage slashing his payment from $1,130 to $600 for three months and in the meantime he can hunt for a permanent job.
Nowadays unemployment is the number one reason why mortgages are defaulting.