JP Morgan Chase homeowners may have new assistance available in the home loan modification program in terms of unemployment forbearance. Unemployment forbearance is set to help homeowners that have either lost their job or have taken a big hit in their income due to the recession.
Homeowners that are given unemployment forbearance are able to get their mortgage payments drastically reduced for a few months or they will be forgiven from making the payments altogether, for the forbearance period.
It’s hoped that this time of forbearance for homeowners will bring about the chance to save money, find a job, or at least discuss the possibility of selling their home if employment doesn’t look likely. Some lenders only offer forbearance programs if there is a high likelihood of a homeowner getting a job in the future, but forbearance could be extended to those looking to sell their home as well.
Homeowners in need of unemployment forbearance should contact their lender to see what options are available. Obviously, unemployment forbearance is going to vary from person to person, but depending on your situation and prospects, you may be able to alleviate the financial strain of your mortgage payment until you get back on your feet. Again, contacting mortgage lenders like JP Morgan Chase, if they hold your mortgage, will be the best way to find out your forbearance options.