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Extended Forbearance Period May Help Chicago Homeowners

August 25, 2011

Did you purchase your Chicago home before January 1, 2009? Are you currently receiving unemployment benefits? If you answered yes to both of these questions, you may be qualify for a 12-month forbearance on your mortgage. The U.S. Treasury Department changed the rules in July, and now lenders may be able to offer more than a three-month forbearance period.

The government has put certain rules on these extended forbearance periods and is advising anyone interested to contact a HUD-certified housing counselor to determine eligibility. According to a post on the

Equifax Personal Finance Blog, homeowners must meet the following requirements before applying: haven’t missed more than three mortgage payments; haven’t received certain types of mortgage assistance before; unemployed and qualify for unemployment; occupy the house that has the mortgage; and purchased the home in 2008 or earlier.

In “

Help Is On the Horizon for Unemployed Homeowners,” Ilyce Glink says the Treasury Department extended the forbearance period due to continuing unemployment. Her article cites July’s 9.2 percent unemployment rate as well as a U-6 rate of 16.2 percent. According to Glink, the U-6 is the “most complete measure of unemployment and underemployment.”

To learn if your lender is participating in the extended forbearance program, call the HOPE Hotline at 888-995-HOPE. All lenders are participating for FHA loans, and an additional 120 lenders have volunteered for other loan types.

To read Glink’s full analysis and to learn more about the new rule changes to forbearance periods, visit the

Equifax Personal Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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