Numerous homeowners are still struggling with unemployment and, obviously, this has created a great deal of difficulty for many when it concerns meeting their monthly mortgage payment obligation. There have been numerous programs which have been implemented by mortgage servicers like Citigroup, but homeowners have continually seen foreclosure as a result of being unable to meet their home loan payment.
However, servicers like Citigroup, who participate in the Making Home Affordable Program, may be able to offer homeowners unemployment forbearance opportunities concerning their home loan. Obviously, homeowners who have lost their job have been strained concerning their financial life and may not qualify for or benefit from certain mortgage assistance plans like home loan modifications.
Yet, Citigroup and other top servicers in the nation may be able to offer a forbearance, which would either include a suspension of one’s mortgage payments or a reduction in a homeowner’s payments, for those who qualify for the Home Affordable Unemployment Program. Understandably, homeowners who qualify for a forbearance on their mortgage, which may allow them to forgo payments for a set period of time, could greatly benefit as they may be able to find employment opportunities during those months where they are not being burdened by a mortgage payment.
Also, homeowners who may be able to take advantage of this forbearance opportunity and find a job may not be in the best financial position to immediately resume traditional payments on their mortgage, but could qualify for alternative assistance options, like a modification. Obviously, this is a best-case scenario, but some homeowners with Citigroup and other servicers have also been able to use a forbearance period as a time to seek a firmer financial ground, but if this does not happen there are foreclosure alternative plans which may be available to assist homeowners who are facing inevitable foreclosure.
While Citigroup and other mortgage institutions have been able to aid homeowners through different programs from the Making Home Affordable Program and in-house modification plans, these unemployment forbearance opportunities are also yet another way that homeowners can take advantage of assistance being offered at the present time. It needs to be understood that many homeowners have had difficulties obtaining mortgage assistance, even these unemployment forbearance programs, and have faced foreclosure as a result. However, these programs are still available but homeowners will need to contact their servicer to begin the process of qualifying for one of these assistance plans.