Obama Unemployed Homeowner Mortgage Assistance Plans May Benefit More Homeowners With Tier 5 Extension

Unemployed homeowners feel that a tier five unemployment benefits extension may be more helpful than simply providing income for those who are long-term unemployed. Individuals who may qualify for unemployment benefits may also be able to take advantage of the Obama unemployed homeowner mortgage assistance plan called the Home Affordable Unemployment Program.

Yet, unemployed men and women argue that since one of the qualifications of this program is that lenders often require homeowners to show they are either receiving unemployment benefits or will be receiving unemployment benefits, for those who are close to exhausting their benefits or who have already done so, this homeowner assistance may be unavailable.

While the topic of a tier 5 unemployment benefits extension plan is a highly debated one, there is truth to the fact that if an additional unemployment benefits extension was passed, more homeowners may be able to take advantage of this unemployed homeowner assistance. While there are those who argue that the Home Affordable Unemployment Program is simply delaying the inevitable as long-term unemployed homeowners are highly likely to face foreclosure, there are others who believe this program may provide the added time and mortgage assistance many unemployed men and women need to save their home.

While home loan modifications and in-house servicer modifications have been offered to homeowners who are struggling with their mortgage payments, homeowners who may qualify for this unemployment program feel that with additional benefits being offered, homeowners may have more security when it comes to keeping their home. It’s true that no home loan modification or Making Home Affordable Program has been perfect, many still believe a 5th tier of benefits could go a long way in preventing more foreclosures for unemployed homeowners.