Despite the fact that there are reports showing private employers may be adding more jobs, the unemployment rate has remained painfully high across the nation and has caused a great deal of trouble in areas like housing. However, various mortgage assistance programs which were put in place to assist homeowners with mortgage payments have had, what many feel to be, lackluster success as the weight of unemployment is being felt by countless homeowners.
However, forbearance options on mortgage payments have been offered through various avenues that may help certain homeowners avoid the loss of their home. Federal programs that may offer a forbearance to a homeowner who has lost their job and state specific foreclosure prevention efforts offered to unemployed homeowners are hoped to begin cutting the number of foreclosures that are being seen.
While there are some who argue that unemployment assistance for mortgage payments through forbearance programs will be greatly unhelpful overall, some homeowners have been able to take advantage of these suspensions on their mortgage payments and have benefited in numerous ways. The hope for these state and federal unemployment mortgage forbearance plans is that homeowners will have the opportunity to find a job that will allow them to begin making their mortgage payments under their traditional terms or at least qualify for a modification.
However, some homeowners have still been unable to find a job during these mortgage forbearance periods, but there have been some homeowners who have also been able to avoid foreclosure even if they couldn’t find an employment opportunity. Homeowners who completed an unemployment forbearance period but did not find an income suitable to their mortgage needs may also have the opportunity to participate in a foreclosure alternatives plan.
Understandably, no homeowner wants to lose their home, but if homeowners who are offered these forbearance options are still unable to find employment opportunity, it could also give them the added time they need to qualify for either a short sale or deed in lieu of foreclosure plan, that may assist them when it comes to surrendering their home without having to face a formal foreclosure on their property.