President Obama recently sent his jobs proposal to Congress in the hopes that an agreement can be worked out so that conditions will be set in place for economic recovery to the point where jobs may begin to return and unemployment decrease in the near future. However, when it comes to homeowners who are still facing problems with unemployment, states that have the highest unemployment rates are still offering loss prevention plans and some programs that may be available to help these men and women deal with their mortgage payments and avoid further setbacks in their financial life, in terms of their home payment obligation.
Data from the Bureau of Labor Statistics, in the month of July, saw Nevada, California, and South Carolina as the three states with the highest levels of unemployment, with areas like Michigan and Rhode Island following close behind. These states have unemployment rates that range between 10.8% up to 12.9%, which is well above the national average and has put these homeowners in a situation where assistance is vital before they can stay in their home, simply because some may be unable to find employment at all, or at least a job that will provide them the income to pay their home loan.
Fortunately, homeowners in these states can take advantage of programs like the Hardest Hit Fund, which was set in place specifically to help homeowners in areas where unemployment was well above the national average. While there are some federal programs like the Home Affordable Unemployment Program, which may be able to offer some homeowners a forbearance on their mortgage payments, homeowners are also being urged to explore opportunities directly from their servicer or from their state housing agency as these programs may be better suited to assist a homeowner in these particular areas facing specific circumstances.
Some of these states have issued funds to mortgage servicers on the behalf of the homeowner that were used to make mortgage payments, while others have allowed some homeowners to take part in dischargeable loan programs, which are helping some homeowners stay afloat while they continue to look for work. It should be understood though, not all homeowners will qualify for these plans nor are all mortgage servicers participating in some state programs, but looking into these options in states like Nevada, Michigan, and California could be helpful for homeowners suffering from high levels of unemployment in their state.
Resources available to homeowners through housing counseling agencies or directly from their mortgage servicer may better allow homeowners to explore these opportunities but again, state housing agency representatives may be useful to homeowners in need as well. However, it should be kept in mind that not all homeowners may benefit from these programs, but officials do want more individuals made aware of opportunities available at the current time that may help homeowners stay in their home.