The latest and greatest news is that FHA will allow borrowers who are unemployed up to one year of deferred mortgage payment relief (read: live for free) while they get back on their feet.
This represents about 4% of the troubled California mortgages.
Fannie Mae and Freddie Mac loans are NOT included in this program. Neither are portfolio residential loans held by banks (like all those pesky seconds out there…).
So, for the very few that the “new” program will help (the unemployed, FHA insured, one loan only borrower), congratulations!
For the rest of us: Isn’t it grand how the Government is here to help?