Bank of America homeowners have not escaped the problem of unemployment as many homeowners around the country have either lost their job or had a significant cut in their wages. Obviously, job loss or a decrease in wages has made paying for their mortgage difficult for some homeowners.
It is for this reason that the Obama administration has created an unemployment forbearance plan in which homeowners are able to forgo paying their mortgage for anywhere between 3 to 9 months, depending on the lender and the situation.
This is hoped to either give homeowners the opportunity to alleviate the strain of their mortgage burden while looking at their job options or at least avoid having to struggle to make mortgage payments when they know that they are going to lose their home.
Certainly no one wants to lose their home and foreclosure can be a very difficult thing for a homeowner to go through. However, homeowners that see no job opportunities in the near future may at least have the chance to make plans for alternative living arrangements during their forbearance timeframe.
While it’s unsure which lenders are going to be using this forbearance program and how effective it will be, homeowners are still being advised to talk to their lenders about options for avoiding foreclosure or finding assistance when it comes to a situation where a homeowner has lost their job and is struggling to pay their mortgage.