Homeowners that are struggling with their mortgage payment due to unemployment may be able to get mortgage forbearance from certain lenders through a plan in the Making Home Affordable Program. Unemployment has caused a lot of trouble for homeowners as jobs simply don’t seem to be available for the majority of those looking for work.
However, this forbearance plan from the Obama administration is hoped to be adopted by lenders across the board and will provide a period of 3 to 9 months of mortgage forbearance for any homeowner without a job.
Some lenders, like Bank of America, have implemented such plans and have allowed homeowners a mortgage forbearance in the hopes that they can find a job and get back on their feet financially.
Yet, homeowners that are unable to find employment during the forbearance timeframe will have to forfeit their home. Many feel that this program is little more than a stay of execution, but there are those who feel that a forbearance program for unemployed homeowners is at least giving them a chance.
Homeowners that are struggling with unemployment and their mortgage payment are being advised to contact their lender about options available in the form of mortgage assistance through programs like mortgage forbearance.
No program or lender is perfect, as we have seen with the home loan modification program in the troubled homeowners faced, but it is hoped that a mortgage forbearance program would allow someone looking for a job a few extra months to perhaps find employment or be in a better position if they know they’re going to lose their own.