Certain states across the nation are seeing increases in their unemployment rate as there are some who have seen their unemployment numbers rise well beyond the national average and move into the double digits in some cases. Understandably, long-term unemployment has remained a constant drain on the economy and has been a personal obstacle that many homeowners have attempted to overcome over the past months, but many have had to resort to unemployment assistance plans available to help homeowners make their monthly mortgage payment more affordable. However, there are some homeowners who are still being swept away in the early stages of unemployment and may not be aware of what options still remain.
Yet, news coverage over the past weeks have talked extensively about options available from the Emergency Homeowners’ Loan Program which was set to expire on July 22 but there has been an extension for homeowners to file up until July 27, which may be more advantageous for homeowners in states where there is still funding available to help unemployed individuals find the foreclosure prevention aid they need. The EHLP has been a supplement to other unemployment assistance plans, like the Hardest Hit Fund, which may still be able to offer homeowners assistance in certain states as well, but the type of unemployment assistance available in these areas may vary.
It’s for this reason that homeowners who are looking for these state-specific assistance plans may need to contact their state’s housing agency to make sure that these programs are still ongoing and, if so, get the right applications and documentation they need to potentially qualify for these options if this is a route that a homeowner wants to take. Keep in mind not all of these programs are available to homeowners in every area, and even in states that are implementing either of these plans it does not necessarily mean a homeowner will automatically qualify.
There have been some recent developments within the Making Home Affordable Program as well as reports that indicated there are extensions on forbearance programs that may be available to homeowners which previously allowed a forbearance of at least three months but now through the Home Affordable Unemployment Program homeowners may be able to receive a forbearance on their mortgage payments for up to a year. However, homeowners will once again need to talk with their mortgage servicer in order to see if they qualify for this type of assistance as not all unemployed homeowners may have gone through the proper procedure to get this particular type of forbearance aid available to them.
As always though, homeowners can either contact their mortgage servicer or a reputable housing counselor like those from the HOPE Hotline in the hopes of getting further assistance when it comes to exploring the opportunities they have available to address their mortgage payment while they are unemployed.