The federal housing administration (FHA), under an initiative from the White House, will extend the time period when banks can foreclose on homes, according to AJC.com.

This comes as great news for the chronically unemployed whose homes are seized by banks after missing just a few mortgage payments.

Now unemployed homeowners can miss 12 payments instead of 4 before their homes are foreclosed upon.

“The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” U.S. Housing and Urban Development Secretary Shaun Donovan said.

“Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six. Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home,” Donovan said.

All FHA-approved banks must participate, according to a Housing and Urban Development press release.

  • http://chachellasplayground.blogspot.com/ CHA CHA

    LOOK AT MY GORGEOUS BLACK PRESIDENT :cheer:

  • http://chokolatemilk.blogspot.com Choco aka Hippie

    The one black president that truly understands folks worries and does something about it - I MEAN THIS IS IMPRESSIVE - don't have to pay a mortgage for a entire year and no one can take your home I know it sounds sarcastic but Im not - for those who can't pay their mortgage this is a huge RELIEF thanks Obama :applause:

  • datsmdubya2u

    This is great.......now about getting those unemployed people jobs..........

  • datsmdubya2u

    @Choco

    :waves:

  • http://chokolatemilk.blogspot.com Choco aka Hippie

    :waves: @ Dats welcome welcome welcome :grin:

  • CFREE

    Bravo Prez! :clap:

  • Eb

    This is great. I hate coming home and seeing people in my neighborhood stuff being thrown out on their lawn.

  • datsmdubya2u

    @ Choco

    @ Dats welcome welcome welcome :grin:
    ---------------

    I know right! I can't get on here in the mornings too much work to do. I'm in the top ten yeah baby. :yahoo:

  • http://chokolatemilk.blogspot.com Choco aka Hippie

    Good for you @ Dat :thumbsup: :grin:

  • datsmdubya2u

    @EB

    This is great. I hate coming home and seeing people in my neighborhood stuff being thrown out on their lawn.

    -------------------

    I know what you mean. One morning I saw the county constable in my neighbor down the streets driveway serving her papers with her two children standing there. I was sick to my stomach the rest of the day. Luckily she and her husband did something to delay the foreclosure and they are still in the house. Her husband got laid off and so far cannot even get an interview. it's sad.

  • jealousCNenvy

    This is great news. Go Obama.....12 payments without your home being taken away. Thats bomb!! :grill:

  • datsmdubya2u

    this is good cause i live in TX where they don't give a flux

    miss 2 payment you're out!

  • DMisses

    This is great news, he is slowly bringing about change and I sincerely adore him for that! Of course you can't please everyone so people will have something negative to say (rich republicans), but I know it must really burn your azz that we finally have a president who is for the people! Ha! In your face Bush! lol

  • West Coast Chick

    :applause:
    do ya thing Obama

  • West Coast Chick

    Now its time to lower taxes for middle class and poor people, send the troops and or at least the majority back to America :cheer: then it'll feel like a democratic is in office

  • datsmdubya2u

    Breaking news here in TX Roy Williams ex has now returned the ring. Now the court hearing scheduled for tomorrow will not go forward

  • lola773

    God is still making a way! :yahoo:

  • http://SandraRose fine_sexy_libra

    :claps: :claps: claps:

  • Tatted Diva AKA The Makeup Maven

    That's awesome news. About time people understand about hard times instead of capitalizing off of them!

  • Crickett

    My subdivision is almost empty! Every family has been affected by the economy. Mr. President, I would love to pay my mortgage on time but since I am unemployed my credit score sucks and ALL of the companies I've applied to run credit checks- from AT&T, Delta, Neiman Marcus to WalMart, so I'm still screwed-unless I go renew my Real Estate License and join the day walkers (bloodsuckers). Actually Miss Sandra, I've been considering applying to GSU's Nursing Program, the medical field is always thriving.

  • http://twitter.com/jaysreallife Jay Bee

    This is a bunch of crock... at the end of the day home owners still have to deal with stipulations from their local government.. please... this prob would only help 3% if that.. dont fool ya self

  • http://twitter.com/jaysreallife Jay Bee

    The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” U.S. Housing and Urban Development Secretary Shaun Donovan said.
    ~~~
    Shaun is a bunch of crock too, HUD did an audit her in Philadelphia for Public Housing and they pretend they are for the betterment of the people , but in all reality ask Shaun and his cronies at HUD how come they continue to raise the ceiling rent for renters... If there are no jobs and the economy is slouched why continue to raise the value on rental properties it makes no sense... Some people are better of walking away like the former Director of Philadelphia Housing Autohrity Carl Greene (Crook).. Its designed for you to never own..so leave it to them anyways...

  • http://www.youtube.com/watch?v=Mw1unW4m6DU JayYellaLover

    Good to see Sandra actually reporting on the GOOD things Obama is doing. :clap: