Homeowners with Wells Fargo that are looking for assistance from the strain of their mortgage due to a loss of income from unemployment may find assistance in the Obama Administration’s new initiatives in the home loan modification program. The Obama Administration is stressing not only principal reductions for underwater homeowners, but forbearance on mortgages for unemployed homeowners.
Unemployment has been a blight on our nation that has gradually gotten worse over the past year or so. While unemployed homeowners struggle to find jobs there is the looming mortgage payment that has many homeowners feeling trapped.
A mortgage forbearance may be the solution for homeowners in trouble as the three to six month term of forbearance would give homeowners time to save money and job hunt with either a minimal mortgage payment due or none at all.
Lenders like Wells Fargo have reportedly been offering forbearance programs to distressed homeowners for years. However, it’s hoped that this new initiative set forth by the Obama Administration will do more to help homeowners that are looking for mortgage assistance while facing unemployment.