Homeowners who have faced unemployment may find help through the Home Affordable Unemployment Program. Homeowners who qualify may be given a reduction on their monthly home loan obligation or forbearance on their home loan payment for at least three months, which can obviously be beneficial for many troubled men and women across the nation.
Many homeowners were previously able to make their mortgage payments but due to economic downturns, layoffs, and underemployment homeowners have found it difficult to make even the most basic of payments. Affording necessities like food, water, and shelter have become the only priority many homeowners have but in some cases unemployed homeowners have little income and can’t meet these costs.
It’s hoped that the Home Affordable Unemployment Program will either provide homeowners with the aid and the home loan payment reduction they need to afford their mortgage or forbearance may give them time to find employment so they can gain the income to stay in their home. Unemployment has caused a wide variety of strain on the housing market and without these forms of mortgage assistance many feel the foreclosure situation in our country would be much worse.
While modification programs like the Making Home Affordable Program, principal reductions, and underwater refinancing opportunities are available, many homeowners simply don’t benefit from these types of aid when severe underemployment or unemployment are a factor.
Unemployed homeowners can contact their mortgage lender to ask about this unemployment mortgage assistance plan or consult the Making Home Affordable website to get started. While troubles remain between lenders and homeowners, programs like the Home Affordable Unemployment Program are providing more options for struggling homeowners who are trying to avoid the loss of their home during these tough employment and economic times.