Unemployment Mortgage Assistance Plans Bring Lower Mortgage Payments–Will Plan Work Without Tier 5 Benefits Extension?

Unemployment mortgage assistance plans have been made available as an extension of the Making Home Affordable Program in the hopes of aiding homeowners who are having difficulty meeting their mortgage payment. Yet, many believe that long-term unemployed men and women may have difficulty with this type of assistance unless a tier 5 benefits extension is passed in Congress.

In some cases, unemployed homeowners who are trying to take advantage of the Home Affordable Unemployment Program will have to show they are set to receive unemployment benefits or they may have to be in the process of receiving these benefits before they may qualify for mortgage assistance. Yet, for homeowners who are struggling to keep their home and are relying upon unemployment benefits as their income at the present time, this type of mortgage assistance may be unavailable if these long-term unemployed individuals’s benefits become exhausted.

A tier 5 unemployment benefits extension is something that has been called upon by many unemployed men and women over the past months but there is a great deal of debate from both legislators and citizens around the country. There are those who believe that high unemployment is related to the extension of unemployment benefits, but unemployed men and women argue that this meager income they receive from these benefits is not enough to help them with all of their financial needs.

Yet, at the present time there are some unemployed men and women who may be able to obtain a lower monthly mortgage payment and forbearance on their home loan if they qualify for the Home Affordable Unemployment Program. However, there are those who, again, feel that additional unemployment benefits need to be extended for homeowners so that they too may be able to use this unemployment program and avoid the loss of their home in the hopes that an employment opportunity will come about in the near future.