Homeowners with J.P. Morgan Chase have been having trouble with unemployment as it relates to paying their mortgage. Many homeowners have either lost their job or have had a large cut in their wages and household income, so paying on a monthly mortgage obligation is becoming more difficult.
The Obama administration has created an unemployment forbearance plan that is hoped to help homeowners who are unemployed and facing foreclosure. There are some lenders have similar plans but many believe that the Obama administration forbearance plan will not fully take effect until a few months down the road.
It’s hoped that this forbearance plan will help homeowners by eliminating the stress that comes with a mortgage obligation for a few months until they can find a job or at least make plans if foreclosure is unavoidable.
While not all lenders are onboard with this unemployment forbearance plan there are some who are willing to give homeowners a forbearance for 3 to 9 months, in the hope that they get a job and can continue paying their mortgage, or they will have to hand over their home.
Homeowners that are struggling with unemployment are still being advised to talk to their lender about options available to assist them while they are struggling with unemployment. Again, not all lenders may use this forbearance plan, but there may be alternate options available from lenders.