Homeowners in Michigan who are suffering from unemployment may find assistance from J.P. Morgan Chase as a new program is set to be put in place, which will aid unemployed homeowners by making mortgage payments for up to a year or a set amount. This story, reported on housingwire.com, could obviously be quite helpful to numerous homeowners who have lost their job and are finding it difficult to meet their monthly mortgage payments.
Other unemployment mortgage assistance plans, like the Home Affordable Unemployment Program may offer similar benefits through forbearance options, in cases where homeowners may not qualify for a home loan modification due to low income, or no income at all, associated with unemployment or underemployment.
Michigan, which is targeted for this specific unemployment program, has an unemployment rate that is reportedly around 13% so, understandably, this equates to more homeowners who may have lost their job and are you relying upon unemployment benefits as their only income or who may simply be relying on their savings to meet their monthly financial obligations.
There have been numerous critics who have commented about similar unemployment programs and state that homeowners who are receiving unemployment mortgage assistance are only delaying the inevitable. However, arguments for these unemployment assistance plans say that more homeowners may avoid foreclosure since they will be given extra time to find employment opportunities that will allow them to afford their mortgage payments.
While, again, forbearance options have been sought out by numerous homeowners, there are some state-specific mortgage assistance plans like this one in Michigan and a California mortgage assistance program, which are hoped to provide various foreclosure prevention opportunities for specific homeowners in those states.