Unemployed homeowners have struggled over the past months to make their financial ends meet, especially when it comes to paying their monthly mortgage payment. However, homeowners who are receiving unemployment benefits may qualify for an unemployed homeowners mortgage assistance plan, which is an extension of the Making Home Affordable Program.
Homeowners who meet certain criteria may be able to take advantage of the Home Affordable Unemployment Program which is set to assist individuals who have lost their job, have been denied a home loan modification, but are continuing to look for ways to save their home. Some requirements of this Unemployment Program state that a homeowner who may be delinquent or close to facing default, but having not missed three full mortgage payments may find assistance in this plan. Also, homeowners who request to be considered for this program must be unemployed at the time of their request and must be able to show that they will receive unemployment benefits in the month their forbearance period begins.
This program is hoped to help homeowners who are trying to scrape by on the meager income that is associated with unemployment benefits and allow homeowners who have met difficult financial times as a result of the loss of their income to save their home so that alternative employment opportunities may be sought out without the worry of facing foreclosure. While this program has gotten mixed reviews, there are those who believe that some homeowners may be unable to benefit from this Home Affordable Unemployment Program for a variety of reasons.
There are those who feel that this type of unemployment mortgage assistance is only delaying an inevitable foreclosure and, for homeowners who fall into the category of long-term unemployed, a tier 5 unemployment benefits extension may be necessary before these homeowners can benefit. Obviously, homeowners who have exhausted their unemployment benefits and have no income will likely lose their home, but it is hoped that unemployment foreclosure prevention programs like this one will save the homes of unemployed men and women until a new job opportunity arises.