Many unemployed men and women are still awaiting a tier 5 unemployment benefits extension plan which has been called for over the past months and was recently suggested as part of Congressional legislation that was set to provide assistance to businesses and create jobs. However, while men and women who are either unemployed or underemployed wait for more opportunities to become available to obtain work, many have been relying on unemployment benefits just to get by.
However, the Home Affordable Unemployment Program has been proposed as a way to help unemployed homeowners who are having trouble making their mortgage payment. This program is an extension of the Making Home Affordable Program which has provided home loan modifications to struggling homeowners and may offer a reduced mortgage payment or forbearance for homeowners who are having trouble meeting their home loan obligation.
Unemployed homeowners argue that the amount of jobs currently available is simply not enough to meet the demand of the number of unemployed men and women who are seeking some form of employment. Since employment opportunities are not being created as quickly as some would like, this federal housing assistance plan for unemployed homeowners may allow certain unemployed individuals to remain in their home while they continue to look for work.
Yet, one problem that many see with the Home Affordable Unemployment Program, as it pertains to homeowners seeking a tier 5 unemployment benefits extension, is that homeowners who qualify for this form of housing assistance must show that they are receiving unemployment benefits. Sadly, there is concern that homeowners who have exhausted their unemployment benefits and are in need of a tier 5 benefit extension may be unable to qualify for this unemployment program which could offer them a way to save their homes from foreclosure.
Despite the fact that it was reported the private sector has been adding more jobs, there are homeowners who are still suffering from a lack of income due to the recession and are unable to find the work they need to gain a more financially stable foundation. Yet, for those who may qualify for this unemployment homeowner assistance program, it may be a way for them to keep their home while they continue to track down job opportunities or, in a worst-case scenario, it may provide these unemployed homeowners a roof over their head for a little while longer.