Many homeowners are asking for an extension of unemployment benefits so that affordable mortgage options may be made available through programs like the Affordable Unemployment Program. A tier 5 unemployment benefits extension has been asked for by many homeowners over the past months for those who have been unemployed for the long-term.
Yet, a great deal of debate has gone into the subject and homeowners are now arguing that those who have been unemployed for 99 weeks or more and have exhausted their unemployment benefits may be unable to benefit from such programs as those offered to homeowners who are unemployed and seeking mortgage assistance. The Home Affordable Unemployment Program requires homeowners to be receiving unemployment benefits or, in some cases, homeowners must be able to prove they will begin receiving these benefits in order to prove they will have income to qualify for this unemployment mortgage assistance plan.
Understandably, homeowners who have been unemployed want to save their home in the hopes that they can return to making mortgage payments when the job market improves. Yet, modifications that have been offered for many struggling homeowners have not helped those who are unemployed in many cases but it is believed that this extension program of the Making Home Affordable plan will help homeowners who are receiving unemployment benefits.
However, issues like the cost of paying for an additional tier of unemployment benefits have stalled any progression on the matter, but again, unemployed homeowners who face the loss of their benefits are calling for this extension simply because it could give them additional time to find employment and save their home. Foreclosure prevention through the Home Affordable Unemployment Program may help certain homeowners who are without work, but disagreements over whether this is a long-term solution or if an unemployment benefits extension would truly help homeowners seeking mortgage assistance continue to stall the progression of an extension for benefits to unemployed homeowners.