Unemployment remains a problem for many homeowners and as a result there have been a variety of foreclosure prevention plans set in place to help these men and women avoid the loss of their home. Yet, when it comes to opportunities like state assistance plans or alternative payment options that may help a particular unemployed homeowner, there are some individuals who may be unaware of these opportunities or are unsure whether these options are still in place within their specific state. Some states that range from California and Florida to North Carolina and Michigan have all had the opportunity to implement plans like the Hardest Hit Fund, but there are homeowners who may not have taken advantage of these unemployment assistance options in their area.
It should be understood that each state’s programs from the Hardest Hit Fund or even in areas where the Emergency Homeowners’ Loan Program was offered may differ in terms of the programs they have available and whether funding is still going to allow homeowners to take advantage of these foreclosure prevention options. Yet, in some states there have been few homeowners to look into these programs and, as a result, there is still funding that can help homeowners through either subsidies or dischargeable loans that may keep homeowners who are unemployed in their property until they can find employment which will allow them to return to meeting their mortgage payment.
Also, it was recently reported that the Emergency Homeowners’ Loan Program extended their unemployment mortgage assistance initiatives simply because they still had funding left as there were some homeowners who did not qualify. In some cases though, homeowners are unsure of what plans are available, and this is where officials have urged these individuals to contact their state housing agency to see whether there are foreclosure prevention plans available, due to the fact that many states across the nation have options available to address unemployment issues, and there are even federal plans that may offer mortgage payment forbearance in some cases.
Obviously homeowners are aware that these foreclosure prevention options are not going to be a guarantee for unemployed homeowners but there are some states that still have funding available to address the needs of their homeowners, so this is where research may need to be conducted on the part of unemployed homeowners in the hopes that they might find a solution to their home loan predicament. Again, these programs may vary from one state to another but many may offer either payment assistance for a set period of time or up until a certain amount, and it could give some homeowners aid for a year or more depending on the state and the severity of a homeowner’s financial position.
Once again, these programs are no guarantee but officials have urged homeowners to at least look into what is available in their specific area due to the fact that some housing agencies are simply sitting and waiting for a homeowner in need, and especially in states where unemployment has been particularly problematic, there could be helpful solutions that will allow more homeowners to avoid the loss of their home simply because they are looking for employment at the present time and may be unable to make their mortgage payments.