Mortgage assistance for unemployed homeowners may be available in the form of the Home Affordable Unemployment Program which is an extension of the Making Home Affordable Program and can help homeowners who have lost their job or are underemployed. The Unemployment Program for homeowners is set to offer either forbearance plans or a reduction in the monthly mortgage payment requirements of homeowners who qualify.
Unemployment has become a major problem in our nation and it seems that correcting this problem will not be easily combated as some have been unemployed for more than 99 weeks. Unemployment benefits have been extended to the point where some of these men and women may be able to collect unemployment benefits for that length of time, but those who do not qualify or for homeowners who may have exhausted their unemployment benefits, meeting financial obligations has become more difficult.
Some homeowners who have been faced with a situation where they are underemployed, meaning they have lost wages or seen cut backs at their place of employment, are also struggling and may may qualify for assistance through this program. Homeowners who are denied a permanent home loan modification from the Making Home Affordable Program may be able to apply for this Unemployment Program and obtain the assistance they need.
Yet, there are those who believe that an unemployment program such as this may only be delaying the inevitable if solutions for job creation in our nation are not quickly proposed. While a reduction in a homeowner’s monthly mortgage payments may be beneficial, homeowners who are given a forbearance or payment reduction but are unable to find stable employment may end up facing foreclosure despite the program’s efforts.
However, homeowners are often advised to do all they can to keep their home and using the Home Affordable Unemployment Program is one way in which homeowners may be able to do just that. Even if this program aids homeowners for just a few months, job opportunities or alternative living arrangements may arise that can help homeowners who are having trouble making their home loan payments. The Home Affordable Unemployment Program is said to have been adopted by the top lenders in the Making Home Affordable Program as of August 1st, so homeowners who are currently unemployed or underemployed and facing financial difficulties may now be able to use this program to their advantage.