Many Americans are depending on unemployment benefits to meet their most basic of financial needs in the hopes that the job market will soon improve and they can return to full-time employment or simply gain some form of additional income. While calls for unemployment benefits extensions remain, there has been a program enacted to help unemployed homeowners who are having difficulty making their home loan payments.
The Home Affordable Unemployment Program has been set in place to provide unemployed homeowners who are depending on unemployment benefits for income the chance to gain a more affordable home loan payment. This unemployed homeowner mortgage assistance plan may provide a lower mortgage payment requirement and a forbearance on home loan payment obligations.
Homeowners who are struggling to make their mortgage payment have turned to home loan modifications in many cases, but there have been those who were denied this form of mortgage assistance. Yet, homeowners may have another option in getting a more affordable home loan payment through this homeowner unemployment assistance program as they continue to look for employment.
While there are skeptics who say this program may only delay the inevitable, it is believed that homeowners may find the mortgage aid they need until a new job comes along through the Home Affordable Unemployment Program. Yet again, there are those who feel that, at best, this unemployed homeowner mortgage assistance plan may only keep homeowners in their home for the short-term if the job market doesn’t begin to improve.