Unemployed homeowners are seeing an increase in difficulties related to making their home loan payments but home loan modification assistance for unemployed homeowners may be available to some who have lost their job and are struggling to keep their home. The Home Affordable Unemployment Program has been implemented to help individuals who are employed and living off of unemployment benefits the opportunity to receive home loan forbearance and a lower monthly mortgage payment.
Unemployed men and women who have been out of work in the long term have been crying out for a tier 5 unemployment benefits extension, which may help homeowners who wish to take advantage of this home loan modification program for unemployed homeowners. One of the requirements of this unemployment assistance program is that homeowners must show they are receiving income from unemployment benefits.
However, unemployed homeowners worry that, for those who are in the category of long-term unemployed, this unemployment mortgage assistance plan may not be available since they may no longer be receiving unemployment benefits. Some homeowners have attempted to gain a home loan modification but in cases where a modification was denied this Unemployment Program is hoped to provide mortgage relief for those who are still seeking full-time employment.
There is concern that this unemployment mortgage assistance program will only delay the inevitable since unemployed homeowners do not have a stable source of income as unemployment benefits do not offer a high amount of income for homeowners and there are expirations for these benefits. Yet, it’s hoped that mortgage servicers will provide homeowners with this unemployment mortgage assistance plan as more and more homeowners who are seeing the expiration of their unemployment benefits may soon face foreclosure.
Understandably, this Home Affordable Unemployment Program is no guarantee to save a homeowner’s house, but it’s hoped that certain unemployed individuals will be able to stave off foreclosure thanks to this program long enough to find stable employment opportunities which will allow them to return to meeting their home loan payments.