Homeowners have seen opportunities available from various state programs that may offer unemployed individuals assistance through loan programs that can help meet their mortgage payment for a set period of time, as there have been recent programs opened in certain states and there are still some servicers who have failed to fully implement their participation in these plans, which may give some homeowners hope for the future when it comes to seeing these types of opportunities. Some changes have arisen simply in the form of state programs offering certain types of aid as there have been delays in the implementation of Hardest Hit Fund programs in some areas, but other states still have funding available to help homeowners despite the fact that there have been fewer requests for help than may have originally been anticipated.
Obviously, homeowners who are unemployed are in a very difficult situation due to the fact that hiring has not picked up and unemployment, in some states, is in the double digits, which is well above the national 9.1% unemployment rate that is currently being reported. However, homeowners are still being urged to look out for these programs that may soon arise or contact their servicer and state housing agency to inquire whether there are options like these loan programs which could be of help.
Some homeowners may have had the opportunity to apply for the Emergency Homeowners Loan Program, which recently ended here in the middle of September, but there are still state housing agencies offering unemployed homeowners assistance through these dischargeable loans, which are also hoped to promote housing stability by allowing homeowners to use funding from these loans and have their repayment requirement forgiven over time to a point where no repayment will be required at all.
Yet, homeowners will have to remain in their home for a set period of time, and in some states this is a 10 year period where homeowners will be able to take advantage of this loan as a way to avoid the loss of their property, and depending on the timeframe that is in place for this assistance to be offered, homeowners will then have to remain on their property for the duration of this period if they wish to avoid having to repay any of the assistance from these loans. In some cases, homeowners may be unable to refinance their home for a set period as well, but it’s hoped that these dischargeable loans will put homeowners who are unemployed in a situation where their mortgage payment is no longer an issue, and ideally homeowners will no longer pursue forms of debt that may cause the loss of their home if they cannot be repaid.