Unemployed mortgage holders will soon feel a little relief, according
to National Mortgage News, thanks to a new federal program that began
this month. Under the relief plan, borrowers who have been collecting
unemployment benefits for at least three months can be afforded a
forebearance plan that will defer their mortgage payments. All mortgage
servicers will be required to participate in the Home Affordable
Unemployment Program, affording forebearance to those mortgage holders
who have not missed three or more payments. Borrowers whose loans are
owned by Fannie Mae or Freddie Mac do not qualify for the program. [National Mortgage News]