Some homeowners who are unemployed have been turning to various mortgage assistance plans as a way to prevent the loss of their home. Some may have turned to home loan modifications as a way to find foreclosure prevention options on their mortgage, but modifications have typically been unhelpful to homeowners who are without a job.
Yet, there may be alternative assistance options available to assist unemployed homeowners with the foreclosure prevention efforts they need. Both federal and state mortgage assistance plans have been implemented to bring relief to unemployed homeowners who may face the loss of their home if no options are made available.
The Home Affordable Unemployment Program, which is an extension of HAMP, may offer some relief to homeowners who are without a job and looking for an opportunity to save their home. The Unemployment Program may offer mortgage forbearance plans to homeowners who are jobless and need extra time to either get their finances in order or perhaps lock in an employment opportunity.
Yet, there are some who feel these unemployment mortgage forbearance plans are going to be unsuccessful since a homeowner may be unable to find an employment opportunity or the income which will allow them to resume making home loan payments. While a homeowner who may find employment opportunity that brings an even a minimum amount of income may be reconsidered for a home loan modification, these forbearance plans for unemployed homeowners have received mixed opinions from some housing analysts.
However, there also may be assistance available through state-specific mortgage aid programs which have been set in place by various state housing agencies in areas where homeowners were particularly hard hit by unemployment. Some of these plans, which vary from state to state, do offer forbearance options for homeowners, while others may offer loan opportunities to unemployed homeowners which will allow them to make their mortgage payment for a set period of time while they continue to seek employment.
Obviously, slow job growth in our nation has caused a great deal of difficulty in the housing market, but unemployed homeowners who are attempting to find a solution to possible foreclosure are being prompted to talk with their mortgage servicer about options through the Home Affordable Unemployment Program or contact their state housing agency to see if one of these Hardest Hit Fund assistance plans is available for their particular situation.