Unemployment still remains a major problem for many homeowners despite the fact that there are reports which indicate that private job opportunities are becoming more available, even though the unemployment rate remains high. While there are optimistic outlooks for the job market in the future, servicers like Bank of America may have plans available to unemployed homeowners to offer forbearance options which may allow individuals who are without a job to keep their home at the present time.
Mortgage assistance programs from the federal government and state housing agencies have all addressed a wide variety of mortgage difficulties, but servicers like Bank of America and other top financial institutions have been participating in the Making Home Affordable Program, which offers an unemployment program to bring assistance to homeowners without a job.
Under this Unemployment Program, mortgage servicers like Bank of America may be able to offer their homeowners a forbearance period during which mortgage payments may either be reduced or suspended. Some homeowners who are unemployed may benefit from these forbearance plans as they attempt to find an alternative employment opportunity, as the minimum forbearance period for these programs is stated to be three months.
While servicers may extend a forbearance program based on a homeowner’s situation, there are some who feel that even if servicers like Bank of America do offer these programs to their homeowners, they may only be delaying foreclosure. Yet, homeowners who are receiving unemployment benefits and are no more than three months behind on their mortgage payments may qualify for one of these forbearance options, even if it only delays the loss of a homeowner’s home for a temporary time.
While there are foreclosure prevention programs which may be offered to homeowners who do find some form of employment during a forbearance program, there are some homeowners who have taken advantage of a mortgage forbearance period to seek out alternatives living opportunities or work with their lender to find a foreclosure alternative program which may be helpful for their situation.