Many lenders are now working with homeowners, through the home loan modification program, to offer forbearance options to unemployed homeowners. Homeowners that are unemployed have obviously been having trouble making their mortgage payments, but this new forbearance option will hopefully help those without a job and looking for assistance.
Unemployment has been a massive problem in our nation over the last year or more. Around 2007/2008 jobs began to be cut by the thousands and ten thousands, which created troubles that are still being felt to this day.
One major problem with such sweeping job loss was homeowners were unable to pay their mortgage, which caused troubles for not only mortgage lenders but also the economy as well. Underwater mortgages and underemployed or unemployed homeowners, that have no way to pay their mortgage at their current rate, are causing the housing market to suffer and many homeowners are still feeling the affects of the recession as well.
However, it’s hoped that this new forbearance program for unemployed homeowners will help those homeowners that just need a little extra assistance and time to get back on their feet. Homeowners that are unemployed or underemployed may want to check with their current mortgage lender about options available for unemployment forbearance.