Tuesday, July 27, 2010

NEW Financial Reform Legislation Includes Mortgage Aid for the Unemployed



Posted by Carole VanSickle on Tuesday, July 27th 2010

While the main focus on financial reform has been on how the new rules and regulations will impact Wall Street and “Main Street” when it comes to how investors, bankers and borrowers work together, tucked into “Wall Street Reform” is a $1 billion “emergency homeowner’s relief fund” that can be distributed starting October 1 of this year[1]. An additional $1 billion has been allocated for redeveloping abandoned and foreclosed homes.

While the details and allocation of these funds has not yet been made public, unemployed homeowners currently can receive at least 3 months forbearance on mortgage loans through HAUP (Home Affordable Unemployment Program). Currently, states determined to be “hardest hit” receive extra federal funds for foreclosure prevention, but the new monies are to be allocated to help unemployed homeowners in all parts of the country who find themselves unable to sell their homes, make their payments or borrow against their home to keep themselves afloat.

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