Homeowners that are unemployed and struggling to make their mortgage payment may find assistance through a mortgage forbearance program from the Obama administration. Many homeowners have been unable to find employment over the last few months and as a result are having difficulty making their mortgage payment.
Some lenders are offering homeowners that are unemployed a time period of 3 to 9 months for them to forgo paying on their mortgage. Homeowners in a forbearance plans will have a set amount of time to find a job or they must hand over their home.
There are those who feel that the time period of 3 to 9 months is not going to be sufficient for some homeowners to find a job due to the struggling job market. However others argue that there is going to be an alleviation of mortgage strain for these unemployed homeowners during this time period and it would allow homeowners the opportunity to make alternate living arrangements if they knew they were going to lose their home.
While this program isn’t set to begin for some time, people who are struggling with their mortgage due to unemployment are being advised to contact their lenders and ask what options are available in terms of assistance for anyone struggling to make their home loan payment.