Homeowners who are unemployed may currently be in an advantageous position when it comes to foreclosure prevention plans that are being offered through various state initiatives, as there are programs which have been in place and are accepting applications that may be helpful for homeowners who are suffering from unemployment or those who may have seen that due to an increase in the unemployment rate recently, the need for unemployment assistance may be necessary much sooner than they may have previously thought. While programs like the Hardest Hit Fund have been reported on over the past few months, the new program, Emergency Homeowners’ Loan Program, is currently accepting applicants in the hopes of offering aid to homeowners in need.
There are those who may be aware of this unemployed homeowner assistance plan and how it may be able to benefit someone who is out of work and struggling to make their mortgage payment, but what all potential homeowners must know is that a deadline of July 22 is in place for homeowners who hope to take advantage of this program, if it’s offered in their area. Yet, there are still opportunities available in some places that are hosting the Hardest Hit Fund programs and there are various options available within each state’s programming which may address issues beyond unemployment like mortgage delinquency or a second lien on a home loan.
The Department of Housing and Urban Development also pointed out that homeowners may live in a state which has loan program requirements similar to the Emergency Homeowners’ Loan Program but could necessitate a different application process. It’s reported that Connecticut, Delaware, Idaho, Maryland, and Pennsylvania residents will need to apply directly to the state agency that is administering this particular unemployment homeowners’ loan fund if they wish to take advantage of assistance that may help them avoid the loss of their home.
What unemployed homeowners need to understand, as well as homeowners living in states where either the HHF or EHLP are being offered, is that not every state housing agency will necessarily offer the same programs from the Hardest Hit initiative nor will every homeowner in an EHLP state receive assistance from this plan. There may be funding issues in some areas, meaning that these assistance options have been exhausted, but there are also certain qualifications that must be met as applications are still being taken for the Emergency Homeowners’ Loan Program that will have to be adhered to before a homeowner is offered unemployment home loan aid.
Once again though, homeowners only have until July 22 to submit their documentation for the pre-applicant screening process within the Emergency Homeowners’ Loan Program, and due to the predicted demand that will be seen, homeowners need to act quickly to get their application in so that they can be screened and, if they qualify and are selected, will be able to receive this assistance before further home loan problems arise due to unemployment.