Wells Fargo homeowners have suffered from unemployment just like the homeowners with other mortgage lenders across the nation. Unemployment has been a burden for many homeowners who are trying to keep their home yet are finding it difficult to obtain a job or have seen their wages cut.
It is because of this problem with unemployment that the Obama administration has proposed an unemployment forbearance plan within the Making Home Affordable Program. Unemployed homeowners, under this plan, would be forgiven of their mortgage payment for a few months so that they can either find work or make alternate living arrangements without worrying about paying on their mortgage.
This is a plan that has not been widely adopted as it is still new and many believe will not begin to fully take effect until late summer or fall. There are some lenders who are willing to use this forbearance program and give homeowners the opportunity to have a few months to look for job without having to pay on the mortgage.
However, not all lenders may be on board with this so it’s still advised that any unemployed homeowner contact their lender regarding options for homeowners who are unemployed and struggling to make their mortgage payment.