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FHA Loan and Making Home Affordable Servicers Required to Extend Foreclosure Forbearance

July 8, 2011 in Articles | MARTIN WREN, P.C. | LEAVE A COMMENT

The U. S. Department of Housing and Urban Development announced Thursday, July 7, that FHA loan servicers and loan servicers participating in the Making Home Affordable Program would be required starting August 1 to extend foreclosure forbearance periods up to a year for unemployed homeowners. The announcement  may provide some relief for unemployed homeowners who are struggling to make home mortgage payments. Additional assistance may be available through the Hardest Hit Fund for residents of states where the economic downturn has had the greatest effect on employment and housing prices, as well as the newer Emergency Homeowner Loan Program.  Homeowners struggling to make mortgage payments and avoid foreclosure are encouraged again to consult with HUD-approved housing counseling agencies, as we explained in our Post “Foreclosure Avoidance Counseling.”  Those agencies now may have additional ways of helping homeowners avoid or at least delay foreclosure.

MartinWren, P.C. attorney Lewis A. Martin, III  practices real property law and estate administration law in the firm’s Charlottesville office.  For more information regarding property foreclosures and other real estate issues, please call Lewis at 434-817-3100 or email him at martin@martinwrenlaw.com.  With offices in Charlottesville and Harrisonburg, Virginia, MartinWren, P.C. is a dynamic law firm offering legal services to individuals and small and large businesses across the Commonwealth.  MartinWren, P.C. represents clients in diverse practice areas: Business, Corporate & Tax LawEstate Planning & AdministrationPersonal InjuryIntellectual Property and Technology Law; Healthcare Law; Commercial & Residential Real EstateCivil and Commercial Litigation; Startups and Emerging Companies; Family Law & Adoption; and Nonprofit Organization Law.  To learn more about MartinWren, please visit www.martinwrenlaw.com.

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