Unemployment has become a major problem for homeowners over the past months as a reduction in income or total loss of employment has made paying for one’s mortgage incredibly difficult or almost impossible in some cases. However, unemployment foreclosure prevention programs have been launched by the Obama Administration along with the Housing Finance Agency and the Department of Housing and Urban Development.
Reports indicate that the Housing Finance Agency is set to provide additional assistance through certain FHA programs for homeowners who have become unemployed and are finding it difficult to make their home loan payments. Also, HUD is set to launch an emergency program to aid homeowners for up to 24 months who are facing foreclosure due to a reduction in income from unemployment or underemployment.
There has also been an initiative launched by the Making Home Affordable Program to assist homeowners who have faced unemployment but were denied a home loan modification in order to assist them with their mortgage difficulties. The Home Affordable Unemployment Program was set in place to help homeowners receive a lower monthly mortgage payment or forbearance on their home loan requirements. Homeowners who’ve been suffering from unemployment have sought out assistance from various plans and programs, but until recently few were specifically designed for unemployed homeowners.
The Making Home Affordable Program and the Department of Housing and Urban Development have worked alongside many of the nation’s top mortgage servicers in order to provide assistance plans for homeowners during these tough economic times where unemployment is high, few jobs are being created, and foreclosures have the potential to wash over a vast number of homeowners. Yet, these unemployment mortgage assistance options have given many hope since the intent of these programs is to keep homeowners in their home while they are unemployed so that they may either find a new job or at least have their mortgage payment obligation reduced to an affordable amount.