Monday, August 30, 2010

Unemployed Home Owners Plan Update

The Obama administration plans to take two new steps in the next few weeks to help struggling homeowners pay their mortgages, said Shaun Donovan, the secretary of Housing and Urban Development, Bloomberg News reported today. The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their home mortgages, and will start an emergency homeowners' loan program for unemployed borrowers so they can stay in their homes, Donovan said. He said that it was too soon to say whether the administration's $8,000 tax credit for first-time home buyers, which expired April 30, would be revived.

Florida has one of the highest home foreclosure rates in the country, with one in every 171 Florida housing units receiving a foreclosure filing this year.