One of the latest mortgage payment assistance programs for unemployed homeowners, the Emergency Homeowners’ Loan Program, has been given yet another extension according to a recent HUD announcement which has stated that homeowners who may potentially be seeking out aid through this particular program or simply looking for a way to keep themselves in their home despite being unemployed now have until September 15 to submit documentation that could qualify them for this unemployed mortgage payment aid. Obviously, unemployment has been a long-term problem in our nation and it continues to cause a great deal of distress for homeowners who are currently looking for work or who may have recently been unemployed, unemployed for many months, or in a situation where underemployment is a problem.
Understandably, homeowners who may qualify for this new unemployed mortgage payment assistance plan would benefit simply because it will help meet their mortgage payment costs for up to two years or a maximum amount of assistance that is set at $50,000. There were reports that numerous homeowners applied for this particular program in July when it was offered, but there appears to be funding still available that may help homeowners who have either been unable to apply for this program, may have missed the deadline, or who are finding themselves in a position where meeting their home loan payment has become more problematic over the past weeks thanks to unemployment.
Homeowners may be aware of other options for unemployment mortgage payment assistance plans like the Home Affordable Unemployment Program, which would help homeowners through a forbearance plan, and there are some reports that officials are looking into other areas of housing assistance that may need to either be restructured or may require new programs so that further housing problems will no longer be a problem in such a great number for men and women suffering from unemployment and other financial ailments.
Yet, for homeowners who are looking for help with their mortgage payment while they are unemployed, advisers also point out that there are some state housing agencies that offer similar programs to the Emergency Homeowners’ Loan Program, in that there are certain initiatives in place that will allow homeowners to “borrow” a loan, which essentially means that their servicer will be paid through these funds, and if certain requirements are met homeowners will be able to have this loan discharged over time and will not have to meet any repayment costs.
Some of these programs, like the Emergency Homeowners Loan Program or similar mortgage payment assistance plans in certain states are not going to be offered in all cases, but again, maybe only in certain areas as both the EHLP and programs like the Hardest Hit Fund are only offered to homeowners in certain states and these individuals will also have to meet certain qualifications. However, for homeowners who are suffering from unemployment-related mortgage payment problems, it may be worth exploring these opportunities as the assistance plans currently available, while they may vary, could potentially help a homeowner through a difficult time in their life where seeking out employment and finding financial stability has been difficult to come by.