Unemployed homeowners may have mortgage assistance options that go beyond programs like the Home Affordable Unemployment Program and the Hardest Hit Fund, as there are recent reports that the Emergency Homeowner Loan Program is beginning to become available in various states that are still facing problems related to homeowner unemployment, and subsequent housing troubles like the inability to meet a monthly mortgage payment. Obviously, homeowners who suddenly lost their job but previously had a excellent record of mortgage payment history may find that their opportunities to acquire this form of assistance will be more available, as homeowners who have been able to prove they are facing an unusual situation, in terms of financial distress, may find more foreclosure prevention options than homeowners, who for instance, may have had a poor track record of home loan payments.
Also, HousingWire.com recently reported that the EHLP was being implemented in Pennsylvania, Maryland, Connecticut, Idaho, in Delaware. These are a few of the states that this particular program is hoped to help as there are some areas of the nation that may not be offered aid through programs like the Hardest Hit Fund, despite the fact that there are issues homeowners are facing in terms of unemployment across the nation, but of course, there are some areas that are less severe than others.
However, the Emergency Homeowner Loan Program is hoped to provide unemployed homeowners with assistance through an interest-free loan that will help them make their mortgage payments while they are continuing to look for work. Obviously, homeowners who can benefit from this particular program will, ideally, be able to avoid the loss of their home as the maximum duration of this assistance plan is 24 months and can offer up to $50,000 in assistance. The Department of Housing and Urban Development also mentions, in regards to the Emergency Homeowner Loan Program, that homeowners who receive his assistance will not make payments on this loan during the first five years if they remain current on their monthly mortgage payments, and if other conditions are met homeowners will see a decline in the percentage they owe each year, which is 20% annually, until this obligation is extinguished.
Understandably, homeowners who are facing unemployment and the loss of their home have been in a very difficult position despite the fact that there are multiple programs that may be of assistance to homeowners through the federal modification initiative or, again, the Hardest Hit Fund. However, homeowners who are still facing financial trouble are being prompted to explore options like home loan modifications, the Unemployment Program which is an extension of HAMP, look into either the HHF that is available in particularly hard-hit states, or explore options through this Homeowner Loan Program. Homeowners need to understand that these plans are not guaranteed to prevent foreclosure, as some may not meet qualifications, but as reports indicate that the job market is beginning to look more positive and these routes of foreclosure prevention for unemployed homeowners are still available, many hope to see fewer foreclosures related to unemployment in the coming months in part to economic improvement and these assistance plans.