Homeowners that are suffering from unemployment or underemployment may benefit from a mortgage forbearance program that allows them to forgo mortgage payments for a set period of time in the hopes that they will either be able to find employment or other options can be discussed regarding their home.
Many homeowners that are underemployed or unemployed have trouble making their payments simply because a lack of or reduced income. It’s hoped that by offering a forbearance period homeowners will be able to get back into a financial state that allows them to continue making payments on their home.
Also, homeowners that are unemployed may feel they need to sell there home, so there are some forbearance options that allow homeowners to avoid making payments on their home while the sale of their home is being discussed.
While not all lenders are offering this forbearance option, unemployed homeowners are still being advised to talk with their lender about the options available. There are programs both from the Obama Administration and from lenders that may be able to provide homeowners the mortgage help they need during a difficult time.