Is there a law in affect that states if you are unemployed that your mortgage company can put up to 6 months p?

I am 2 months behind on my mortgage. I and my husband both lost our jobs within the last several months.Someone mentioned to me that there is law that can help you if you are umemployed to save you from losing your home.

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  • 10 years ago
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    Sorry, but this is a significant exaggeration. You have probably been hearing about the Foreclosure Prevention Act of 2008. The following is a synopsis of the requirements that must be met.

    Eligibility:

    •Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007.

    •Borrower's must have a debt-to-income ratio "above 31 percent" on the original loan to be eligible for the program.

    •Borrowers can be up to date on their existing mortgage or in default, but they must prove that they can no longer keep paying their existing mortgage and attest they are not deliberately defaulting simply to obtain lower payments.

    •Before borrowers can get the new FHA-backed mortgage, they must first payoff any other debts currently on their home - like a home equity loan or line of credit.

    •To get a new home equity loan in the future, borrowers will need approval from the FHA first. Borrowers will not be permitted to take out another home equity loan for at least five years, unless it's to pay for necessary upkeep on the home. The total debt will not be allowed to exceed 95% of the home's appraised value.

    •Borrowers can contact their current mortgage servicer or go directly to any FHA-approved lender for help. These lenders can be found on the HUD website at www.hud.gov. Note: The new FHA loan program will become available October 1, 2008.

    Lender Requirements:

    The program is voluntary, so Lenders have to agree to workout any currently held loan before things can get started. It is not likely that Lenders will sign off on a workout unless they think they'll lose less money by using this program than by letting the property go into foreclosure. The bill requires them to make major concessions and they are not required to do so.

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  • wintle
    Lv 4
    3 years ago

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