Home loan mortgage assistance for unemployed homeowners has been made available through the Home Affordable Unemployment Program. Some homeowners may be able to see a reduction in their home loan payment through this program, while others may be able to obtain forbearance on their home loan payments.
Unemployment has been a burden to many homeowners who are struggling to make their monthly mortgage payment. While home loan modification plans have been made available to homeowners over the past months, there is concern that unemployment may be causing income difficulties that will make modifications unhelpful. For this reason, unemployed homeowners may be able to take advantage of this mortgage assistance for the unemployed.
While modifications and the Home Affordable Unemployment Program are similar in some ways, most notably they offer a reduction in home loan payments from month to month, but in cases where this is unhelpful for homeowners who have been denied a modification or cannot benefit from modification, a forbearance plan may be available.
Some homeowners are simply living off of the meager income that comes from either unemployment benefits or a part-time job. Unemployment and underemployment remain a problem for homeowners, but there are more programs available that can help homeowners avoid foreclosure and keep their home.
There are certain lenders who are offering a variety of in-house assistance programs to homeowners who do not qualify for the modification program, so these servicers can be consulted for homeowners who are in need of mortgage assistance due to unemployment. However, homeowners have also consulted with the Making Home Affordable website and Hotline in order to gain more information and assistance on options available for those who are unemployed and fighting to save their home.