Are layoffs and the stalled housing market signs to tap equity now?

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High inflation and a pending avalanche of job losses are going to squeeze the cash reserves from many homeowners who could soon be scrambling to make house payments.

Can you say: Equity rich, financially distressed? For the purpose of this column, ERFD is our new acronym. Remember it.

The Bureau of Labor shows us that national unemployment stands at 3.7%. A year from now it will be higher than 6%, according to my crystal ball. 1) Are you worried about losing your job, getting work hours cut or anticipating a reduced revenue stream if you are self-employed? For example, HUD offers FHA borrowers special forbearance or SFB when one or more borrowers have become unemployed, and such an income loss has negatively affected the borrower’s ability to continue to making monthly mortgage payments.

“Customers facing changes should reach out to us as soon as they have concerns about making their monthly payments,” said Tom Goyda, senior vice president. “ don’t need to miss a payment to be eligible for assistance.”

 

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