Many homeowners have faced unemployment over the past months and as a result have been reliant upon unemployment benefits as a source of income. While long-term unemployed homeowners have been seeking a Tier 5 unemployment benefits extension plan, the struggle to stay afloat in their mortgage has become more of a problem. Homeowners who are in need of unemployment benefits to meet the most basic of needs are finding that making their home loan payment has become close to impossible.
However, despite the fact that a Tier 5 unemployment benefits extension plan has not been offered at the present time, there may be unemployed homeowner mortgage assistance options available for those who are struggling to make their mortgage payment. One example of an unemployed homeowner assistance plan is the Home Affordable Unemployment Program, which is an extension of the Making Home Affordable Program.
Homeowners who have attempted to gain a home loan modification are sometimes denied due to their lack of income or low debt to income ratio. In cases such as this, homeowners may qualify for the Making Home Affordable Unemployment Program, which could offer a homeowner a new mortgage payment plan where they would only be obligated to pay around 31% of their monthly income towards their home or a forbearance may be granted as well.
While some homeowners continue to struggle in the job market, plans like this Home Affordable Unemployment Program could provide unemployed men and women the opportunity to avoid foreclosure and stay in their home while they continue to look for a job opportunity. Obviously, there have been troubles between mortgage servicers and homeowners in the Making Home Affordable Program but these unemployed homeowner options may provide assistance to those who are simply unable to obtain a home loan modification due to unemployment.