Home loan assistance that offers foreclosure prevention for homeowners who are facing unemployment is a topic that has been covered throughout 2010 and this year, and one of the reasons that there are still many homeowners being made aware of programs available to help them avoid foreclosure is because unemployment continues to remain a problem and new homeowners who may have previously been unaware of these plans are now facing a situation where they are looking for help. In the first days here in June, it was reported that unemployment increased to around 9.1% due to the fact that new job numbers for the month of May were only reported to be around 54,000, and this was a great deal fewer jobs than had been predicted.
April reportedly saw a decent increase in jobs but due to more Americans facing long-term unemployment, initiatives are currently available like the Hardest Hit Fund are offering homeowners the foreclosure prevention assistance they need and other mortgage assistance initiatives in these specific states where unemployment may be particularly troubling. States that were offered funding to implement these Hardest Hit Fund programs are those who have seen high levels of unemployment that may be above the national average or have had unemployment problems and housing difficulties which have led to the inability of homeowners to afford their mortgage payments.
There are also initiatives for states that are not being offered aid through the HHF program, like the Emergency Homeowners Loan Program, but unemployment assistance is becoming more necessary thanks to continued troubles in the job market, as even positive numbers in job additions in early 2011 have still not been enough to help combat the problem of long-term unemployment and foreclosures that have been linked to these mortgage difficulties. While there are states from California to North Carolina that offer Hardest Hit Fund foreclosure prevention to unemployed homeowners, each individual in a state will have to not only contact their state’s housing agency, but speak with their mortgage servicer as there are some financial institutions who are still in the process of implementing these plans in various areas.
While states can offer subsidies or loans that may be beneficial for homeowners, in terms of helping them make their mortgage payment, there are some state housing agencies that also have plans to address negative equity, delinquency on home loans, or there are cases where states are also offering alternatives to foreclosure like short-sale assistance. Understandably, not all homeowners are in a position to take advantage of these initiatives, and it’s hoped that in the coming months we will begin to see more positive numbers in terms of the job market and housing, but if homeowners are still being plagued with high levels of unemployment, federal initiatives within the home loan modification plan may offer foreclosure prevention through mortgage payment forbearance, but many of the Hardest Hit Fund programs can also bring about long-term solutions as some offer payment assistance for a few months, while others may be able to aid homeowners for up to a year or more.