As of August 1st, HUD is putting into action a revamped version of last year's Home Affordable Unemployment Program. In that 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. Only 10,000 of the 13 million unemployed in the country qualified for the aid, which was 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 significantly increases the three months to twelve months, a very welcome relief to homeowners dealing with unemployment. If you are an unemployed homeowner, the program may be worth checking out.
If you want to find out if you're eligible for the program, according to the MakingHomeAffordable.gov 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.
To read the full article in the Daily Breeze, click here.
For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annstefanucci.com or visit me on Facebook.