Help for the Unemployed

If you are one of many homeowners who have lost their job, relief from your mortgage payments may be right around the corner. With the help of new guidelines set up by the federal government, some lenders may be forced to offer forbearance.

Forbearance means a lender defers some of a borrower’s payments until a later date. The deferred amount may be all or part of one or more of the  payments that are due. When a lender feels that a borrower’s hardship is only temporary they may consider forbearance.

The new requirements to qualify for forbearance, are a part of Home Affordable Modification Program (HAMP), and may really be a help to homeowners who are out of work.

Forbearance can last a minimum of three months and could extend to six months or longer. After the period of forebearance has expired, and if the homeowner still cannot afford the payments, they will than be considered for a HAMP loan modification or other HAMP programs instead of foreclosure.

For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it while the home buyer’s tax credit is still in effect. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Please click on tax credit information for more details.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

Explore posts in the same categories: Federal Distressed Homeowner Programs, Hoboken Homes

Tags: deferred mortgage payments, forbearance, HAMP, help for unemployed

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