Many homeowners have faced unemployment over the past months as the job market has struggled to recover. There are still companies who are seeing the loss of workers, profits, or who simply close their doors for good due to fallout from the recession. As a result, many homeowners who were comfortably able to meet all their financial requirements are facing a variety of trouble, most commonly, the potential for foreclosure.
Yet a new unemployment mortgage assistance program for unemployed homeowners has been suggested and will hopefully begin providing assistance to these unfortunate homeowners in the coming weeks. The Home Affordable Unemployment Program may provide a forbearance plan for homeowners who cannot meet their mortgage payment or lower unemployed homeowners’s payments to a small percentage of their monthly income, if they do not qualify for a home loan modification.
The job market has been slow to recover and many have struggled when it comes to making their financial ends meet. As a result, a variety of mortgage aid programs have been proposed by the Obama Administration and, with many of the top mortgage servicers in our nation participating, there has been assistance provided for some.
However, homeowners who have lost their job, or are living in a home where a spouse has lost their job, have come upon a very difficult predicament when it comes to affording their home. Some homeowners may have the ability to make monthly mortgage payments thanks to part-time employment, unemployment benefits, or some homeowners may have an employment opportunity in the near future but are struggling at the present time. In cases such as these, the unemployment mortgage assistance program may be beneficial if a homeowner can obtain forbearance on their mortgage payments or have their home loan payment drastically reduced.
While there are some who believe that this program has been introduced too late or simply will not be helpful to homeowners unless the job market improves greatly over the coming months, unemployed homeowners may be given a chance to keep their home a little longer or indefinitely if this mortgage assistance plan is made available. Homeowners who are struggling with unemployment have been advised to talk with their mortgage lender or consult the Making Home Affordable website for more information on this type of unemployment mortgage assistance opportunity