Unemployed? Mortgage Relief May Be Available

The Obama administration recently announced modifications to the Home Affordable Modification Program (HAMP) in an effort to promote stability for the housing market and offer further assistance to unemployed homeowners having difficulty making mortgage payments. Under these modifications, mortgage holders are required to offer forbearance plans to all qualified jobless borrowers for at least three and as long as six months. Under the plan, monthly payments can be reduced to 31% of income or less, or even suspended entirely. Borrowers must meet HAMP eligibility requirements as well as submit evidence that they are receiving unemployment benefits. They must also be in their first 90 days of delinquency. For details on the current program, click here: http://makinghomeaffordable.gov/docs/HAMP%20Improvements_Fact_%20Sheet_032510%20FINAL2.pdf.