Sometimes hardships happen in people’s lives, maybe a person loses a job and they are unable to make ends meet. The mortgage doesn’t get paid and the house is in jeopardy of being foreclosed on. Lenders know this and when possible are willing to assist you in making arrangements that will allow you to keep your home while continuing to pay on your loan.
The Obama administration has put several programs into place that will help struggling homeowners keep their home during a crisis. One such program is the Home Affordable Unemployment Program or UP. If you are unemployed and thus having a difficult time making your mortgage payments, you may be eligible for this program. It provides a temporary reduction or even a suspension of mortgage payments for at least 12 months during which time you are able to seek re-employment.
Another program that offers assistance to the homeowner is the Emergency Homeowners’ Loan Program (EHLP). This program differs by state so check with the Treasury or HUD to see the assistance that is provided in your state under this program.
Also available to homeowners is the FHA Special Forbearance program. If you are having a difficult time making mortgage payments because you are unemployed, and because you have no other source of income, you may qualify for this program. It also allows for your mortgage payments to be reduced or suspended for up to twelve months.
There are several other options available to meet the specific needs of homeowners struggling with their monthly mortgage payment. Your lender can provide information as to which programs you may qualify for.