In the coming months, unemployed homeowners may be able to obtain mortgage assistance through the Home Affordable Unemployment Program which is an extension of the Making Home Affordable Program from the Obama Administration. Unemployment has been a huge problem in our country over the past months and millions of Americans are suffering both financially and in their mortgage as a result.
It’s hoped that this Unemployment Program for homeowners is going to make affording a home loan payment a bit easier for those who have lost their job and are having trouble meeting their monthly mortgage payments due to the fact that they must rely on the small income that is given to them from their unemployment benefits. The Home Affordable Unemployment Program is set to either lower someone’s monthly mortgage payment or offer them a forbearance from their monthly home loan payments.
Many people feel that this program has been implemented too late in the year to be of any use, but there are homeowners who feel that they will still be able to benefit even though the program is not set to begin until August 1st. Homeowners who may be able to attain a forbearance on their home on can use that time to look for employment and will hopefully be able to meet their costs of living with their unemployment benefits as their only income.
However, many say that unless the job market improves and unemployment is heavily combated in the near future, the Home Affordable Unemployment Program will only delay the inevitable for some homeowners. The mortgage industry troubles have been directly tied to unemployment problems that many have faced across the nation. However, it’s hoped that by giving homeowners a lower monthly mortgage payment on their home loan when they are unemployed or allowing them a forbearance, these individuals will have the time to find an occupation that will afford them the income to return to a situation where their home is affordable.