Unemployed homeowners may have the opportunity to find mortgage assistance through the Home Affordable Unemployment Program which has been set in place as an extension of the Making Home Affordable Program in order to help homeowners who may be unemployed and facing the loss of their home. However, long-term unemployed men and women say that unless a tier 5 benefits extension is offered, many may be unable to save their home through this assistance plan.
Typically, it is required that a homeowner be receiving unemployment benefits as part of this unemployed homeowner mortgage assistance program, but for those who have exhausted their unemployment benefits and are simply scraping to get by, this type of mortgage assistance may be unavailable.
Homeowners, especially those who have been unemployed for the long-term, have had an incredibly difficult struggle when it comes to keeping their home. While unemployment remains high and many homeowners were still underemployed, the benefits that are received from these unemployment benefits extension options have helped many stay afloat and have kept some homeowners in their home.
Yet, despite the fact homeowners may receive a lower mortgage payment or forbearance on their home loan through the Home Affordable Unemployment Program, long-term unemployed homeowners still say that unless unemployment benefits extensions are given beyond 99 weeks, more homeowners will face the loss of their home since they may be unable to find assistance through this unemployment mortgage aid program.