Homeowners who are suffering with unemployment have been asking that a Tier 5 Unemployment Benefits extension plan be passed so that long-term unemployed men and women may have some form of income while looking for a job. Yet, the argument over unemployment extensions often brings about a great deal of debate but solutions for unemployed homeowners may be available to help those in need.
Unemployed homeowners may have mortgage assistance available through the Home Affordable Unemployment Program, which can offer a reduction in the mortgage payment unemployed homeowners must meet or provide forbearance options for homeowners without a job. In cases where an unemployed homeowner may be unable to obtain a home loan modification from the Making Home Affordable Program, the Unemployment Program may be of assistance.
Unemployment and underemployment have caused a great deal of strain for not only homeowners but the economy as a whole. Many homeowners have seen a reduction in their monthly income or the total loss of their income from their job, which obviously has caused many homeowners to lose their home.
However, assistance plans like the Home Affordable Unemployment Program may help those unemployed homeowners keep their home while they look for more gainful employment or any job opportunity at all. While the unemployment numbers are up and down in our nation, many homeowners are simply failing to find an employment opportunity that will allow them to meet their financial obligations. Yet, for those who may qualify, assistance from the Home Affordable Unemployment Program could help homeowners save their home or, if it proves unhelpful for some, they will have at least been given the chance to avoid foreclosure.