Many American homeowners have begun to lose their unemployment benefits and are facing a situation where their finances may be at a point where they have few options left concerning their home. While many Americans have struggled over the past months, and years for some, the various mortgage assistance plans have been offered during a time where the job market and economy are relatively slow and producing hardships across the nation.
Yet, homeowners have been seeking out not only mortgage modification plans, for the lucky few who may have simply seen a reduction in their income, but are still able to meet mortgage payments through these assistance plans. However, more homeowners may continue to turn to home loan forbearance opportunities as benefit extensions continue to expire.
Forbearance opportunities from federal mortgage assistance plans and state-direct programs may allow homeowners who are unemployed to remain in their home for a set period of time while they continued to look for employment that will allow them to continue meeting their mortgage obligations. Unemployment programs available to homeowners through the Hardest Hit Fund will offer some relief to individuals who qualify, thanks to programs implemented by various state housing agencies.
However, the issue of on employment benefits and these assistance programs has created a great deal of animosity and debate between certain individuals, as continually extending unemployment benefits was viewed negatively by some. There are homeowners who have been relying upon the income they received from their unemployment benefits simply to stay afloat, and were still unable to find an employment opportunity during the past few months.
While many feel that these unemployment home loan assistance plans, like forbearance programs, may simply delay the inevitable foreclosure that unemployed homeowners will face, there are those who believe that this time in forbearance may provide a homeowner the additional weeks needed to get a job or may allow homeowners to begin preparing for alternative living arrangements if an employment opportunity does not become available.