Unemployed homeowners have had few options when it comes to dealing with their home loan troubles over the past months. Many have sought out a traditional home loan modification but those who were denied due to their inability to pay their home loan modification or who simply did not qualify may have hope in the Home Affordable Unemployment Program, that is set to begin in the coming weeks.
Essentially, this unemployment mortgage assistance program is a plan which will allow unemployed homeowners to either see a drop in their monthly mortgage payment to no more than 31% of their monthly income or they will be given forbearance on their monthly mortgage payments. Forbearance from making mortgage payments would be welcome to countless unemployed homeowners who are struggling to simply keep their head above water and must survive on the meager income that is provided from unemployment benefits.
Lately, some unemployment benefits expired, but it is expected the deadline to file will be extended until the end of the year, however, most homeowners can not live off of this form of income for long. While homeowners who are waiting for jobs to be created, an opportunity to be offered, or who may have prospects in the near future for an employment opportunity may be able to find help from the Home Affordable Unemployment Program.
Homeowners have been very upset with programs within the Home Affordable plans, and lenders have been heavily criticized for what homeowners deem as a lack of concern on the part of their mortgage servicers. Yet, homeowners are still advised to talk with their mortgage lender about this option or other means of assistance that can help them while they had seen a cut in their wages or have lost their job outright. While not all homeowners will benefit from this program, there are many who may be able to save their home for the present time with a forbearance plan or a decrease in their monthly mortgage payments.
The Making Home Affordable website is another resource that is available to homeowners who are struggling and may be having trouble with their mortgage lender. While no lender or plan within the Making Home Affordable Program is perfect, homeowners are being advised to exhaust all their options before giving up on getting a more affordable home loan payment.