Long-term unemployed men and women are still calling for a tier 5 unemployment benefits extension as it could help some homeowners through a new unemployment foreclosure prevention plan. The Home Affordable Unemployment Program may allow homeowners to reduce their monthly mortgage payment obligation or receive forbearance on their home loan payment, but one of the qualifications of this program is that homeowners have income from unemployment benefits.
While it’s obvious that homeowners who are currently drawing unemployment and may qualify for other extensions could still take advantage of this unemployment home loan assistance program, individuals who have been unemployed for the long-term believe that this program can be helpful in their situation if a tier 5 unemployment benefits extension is passed. Any time extending unemployment benefits is discussed there is a heavy amount of debate as to where the funding will come from and if further unemployment assistance is needed for individuals who have been out of work for more than 99 weeks.
There are those who believe that unemployed men and women have plenty of time within the 99 week extensions to find employment but many of these unemployed men and women are either still unable to find a job or are underemployed, meaning they are making a substantial amount less than they had been previously. Obviously, unemployment is still in major problem in our nation but there are those who feel that by extending unemployment benefits to a 5th tier this unemployment foreclosure prevention program may be more helpful.
While some homeowners who have a drastically reduced income may have benefited from home loan modifications from the Making Home Affordable Program and there have been alternative assistance plans offered directly from mortgage lenders that have aided many homeowners as well, unemployed men and women may sometimes not benefit from or qualify for these plans. In these situations, it is believed that this Home Affordable Unemployment Program can be more beneficial to homeowners who have been unemployed for more than 99 weeks if a tier 5 unemployment benefits extension is made available.