Unemployed Homeowners Requesting Tier 5 Benefits Extension May Have Home Loan Assistance Options For Lower Mortgage Payments

Unemployment and a Tier 5 unemployment benefits extension plan has seemingly taken a backseat over the past weeks. Before Congress went on recess, there was an idea that Tier 5 unemployment benefits may be offered if the extension plan passed in both the House and the Senate. However, many unemployed men and women are still struggling to find work despite the fact that more jobs are being added in areas like the private sector. While these job additions do provide hope, the positions that were lost during the recession and in the previous months are not returning fast enough to help homeowners who are unemployed regain some form of financial stability.

However, for those who are looking for a tier 5 benefits extension in order to help them stay afloat with financial obligations like a mortgage, there may be unemployment assistance for homeowners available. The Making Home Affordable Program has offered an extension plan to homeowners who may have been denied a home loan modification and are still unable to meet their monthly mortgage payment. The Home Affordable Unemployment Program has been proposed which could help homeowners who are unemployed and having difficulty making their monthly mortgage payment.

It is hoped that homeowners who can qualify for this program will be able to either have their monthly mortgage payment obligation dropped to around 31% of their monthly income or be offered forbearance on their home loan payments. One qualification of this unemployment mortgage assistance program is said to be that homeowners may be required to be receiving unemployment benefits for a set period of time before their mortgage servicer will offer this mortgage aid plan.

Yet, unemployed homeowners who are still struggling to find an employment opportunity or who are underemployed and cannot meet their financial demands may benefit from this forbearance plan until they can gain a more stable financial foundation or may be provided with assurance that a Tier 5 benefits extension will be available if long-term unemployed homeowners need additional weeks of unemployment benefits.