Homeowners with Bank of America who are struggling to make their home loan mortgage payment may be able to get unemployment forbearance as part of the expanded home loan modification program. Some unemployed homeowners may be able to reduce their mortgage payment for a period of time, or get rid of it altogether.
Big lenders have been working with homeowners in various ways and while the home loan modification program hasn’t produced perfect results in all cases, there are homeowners that are being helped by lenders like Bank of America.
What these new expanded programs, like the forbearance program for unemployed homeowners, hope to do is get homeowners in a position to either build up their personal finances so their mortgage won’t be such a strain, give them time to find employment, or allow them to stop payment on their mortgage if they intend to sell.
The best way to find out forbearance options for unemployed homeowners is to contact your mortgage lender. Every homeowner’s case is unique and will require the analysis of your lender, but if you are an unemployed homeowner with Bank of America, you may want to ask about your forbearance options and see if this new program can be of any help.