Help for Unemployed Homeowners

Making Home AffordableThis past August, HUD introduced a revamped version of last year’s Home Affordable Unemployment Program.  In that original program, unemployed homeowners could get a three-month forbearance on their mortgage payments while they looked for a job.

Unfortunately, the program was not a resounding success.   In fact, the number of people who qualified for this aid was shockingly low.  Only 10,000 of the 13,000,000 (million) unemployed in the United States qualified for the aid, which was also only a three month forbearance…not much when you consider that nearly half of those who are unemployed have been unemployed for at least 6 months.

The new and improved version of the program increased the three months significantly to twelve months, a very welcome relief to homeowners dealing with unemployment. If you are an unemployed homeowner, the program is worth checking out.

If you want to find out if you’re eligible for the program, according to the website, the following criteria must be met:

  • You are unemployed and eligible for unemployment benefits
  • You occupy the house as your primary residence.
  • You make your request for help before you’ve missed three payments.
  • You have not previously received an UP forbearance or HAMP modification.
  • You obtained your mortgage on or before January 1, 2009.

Visit the website for more information or simply call your lender, as many lenders are participating in the program.  If you have an FHA loan, your lender is automatically participating.

For more tips and hands-on help with Lancaster County homes and real estate, give me a call at (717) 413-2749


~ by bobenglishsellshomes on November 3, 2011.

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