A new mortgage assistance plan from the Obama Administration’s Making Home Affordable Program may bring mortgage aid to struggling homeowners who are unemployed. Homeowners across the nation have dealt with troubles concerning their mortgage over the past months and many of these difficulties have stemmed from unemployment.
While modification programs have been set in place to help those who were troubled, new initiatives like the Home Affordable Unemployment Program have been created to offer additional forms of help to homeowners who are unemployed and may have been denied a home loan modification but are still in need. Unemployment has either erased the income of many homeowners or it has created a situation where their income has been drastically reduced.
Yet, in some areas of the nation the job market continues to improve so it’s hoped that this Home Affordable Unemployment Program will bring the aid that unemployed homeowners need until they can get back on their feet. The way this is to be accomplished is by offering either a reduction in a homeowner’s monthly payment obligation or by granting a homeowner forbearance on their home loan payments for a set period of time.
The woes of many homeowners are not only being seen through unemployment numbers but other areas of the economy as well, like housing. However, as more jobs are slowly created there is hope that mortgage assistance plans like this Unemployment Program will allow homeowners to stay in their homes for the present time. The implementation of mortgage assistance plans through major mortgage servicers has not come without problems and criticism, but unemployed homeowners now have another avenue that may be used when it comes to finding mortgage relief.