It was recently reported that jobless claims increased, for the week ending August 20, which has some concerned that the unemployment situation has stalled and may require that certain individuals begin to look at options that may help them in their financial life if unemployment becomes a long-term problem for their specific situation. While this increase in jobless claims is unpleasant news, there are many homeowners who have been out of work for quite some time, and as a result are in a position where meeting their monthly mortgage payment may have become problematic once they have begun to deplete any savings they may have had.
It’s because of this that some officials are urging more homeowners to consider mortgage payment assistance plans that are available for the unemployed, as this jobless claims increase points to an ongoing problem that has been seen in the job market, which mainly focuses on the inability of our economy to create enough jobs that would help recovery move forward at a faster pace. Obviously, areas like housing also suffer greatly when unemployment is a problem, but as jobless claims are still said to be on the rise, there could be more homeowners in need of unemployment assistance opportunities so that they can avoid foreclosure.
Yet, the good news may be that there are a variety of unemployment home loan assistance plans which have been covered over the past months, as there are still homeowners unaware of what options they may have and some changes have been seen in certain programs in recent times as well. While there was the Emergency Homeowners’ Loan Program that helped certain states where unemployment was an issue, ongoing plans like the Hardest Hit Fund and the federal Home Affordable Unemployment Program can offer solutions to homeowners who are jobless and may fear the loss of their home as a result.
When layoffs are the case for a homeowner’s financial distress, many of these programs are able to offer either subsidies, dischargeable loans, or forbearance periods that may be beneficial for homeowners who are struggling to reenter the workforce. There are some resources available to homeowners who may have fallen ill or are in situations that may warrant this particular type of assistance, like those who may be underemployed, but when it comes to joblessness these programs should be explored by homeowners well before they start to see their financial position deteriorate to a point where there may be few options left.
In cases where homeowners have been out of work for quite some time, it’s important to contact a representative from their bank or a housing counselor that may be able to provide information on the Making Home Affordable Program or other governmental endeavors to address unemployed homeowner financial needs. While these programs are not guaranteed, homeowners who are being swept up in these jobless numbers do need to make sure that they plan for a potential long-term unemployment situation and, as a result of these programs being in place, could potentially avoid the loss of their home as a result.