New aid: Some unemployed homeowners can miss a year’s payments

Unemployed homeowners

United States Department of Housing and Urban Development Seal (Photo credit: Wikipedia)

New Aid:  Some unemployed homeowners can miss a Year’s Payments

Unemployed homeowners who are trying to find a job will be allowed to miss up to a year’s mortgage payments, triple the current 4 month limit, under a new administration program.  45% of the unemployed have been out of work for more than 6 months.

Unemployed homeowners not Going Away Fast

Few people are unemployed by choice.  Unemployed homeowners can easily fall into a self defeating cycle of depression and low self esteem.  Our identities are tied to our employment where we spend 1/3 of our hours.  We are either working or thinking about working for many of our waking hours.

Employed are Insensitive to Unemployed Homeowners

Unemployed homeowners frequently feel a social stigma that isn’t helped by those who see it as some kind of moral failing.  Gainfully employed people frequently loo down upon the unemployed.  The thinking seems to be that they are not trying hard enough.  Looking for a job is their job.  A common fallacy is that the unemployed have set their sights too high.  The friends of the unemployed homeowner frequently act as if the unemployed homeowner thinks he or she is too good for a job that is beneath them.

Government Help for Unemployed Homeowners

HUD Secretary Shaun Donovan said the new program could help “tens of thousands of people keep their homes.”
“Helping struggling borrowers avoid default is not only good for those borrowers, it is good for the economy” he said, while cautioning that this program is not a “silver bullet.”

Government programs such as the Home Affordable Modification Program (HAMP) have done little to tame the foreclosure crisis at this point.  HAMP participators will be required to extend the minimum forbearance period to 12 months “wherever possible.”

All FHA approved servicers must participate in FHA’s loss mitigation program, which includes the special forbearance program.

As that great philosopher captain jack sparrow says: the problem is not your problem.  your problem is your attitude about the problem.
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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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