Unemployed Homeowners Cannot Count on Loan Modifications

One hard hit group of homeowners in these economically challenging times is the unemployed; those who have lose their income through job loss.  While many programs have done much to help keep homeowners in their homes if possible, Fannie Mae will no longer consider “jobless benefits as income when applying for mortgage modifications”.  To see if you qualify contact Yuba Sutter Homes and Loans.

 In July, the agency stopped allowing unemployment insurance to be considered income when applying for the administration’s Home Affordable Modification Program, known as HAMP.  Previously, borrowers had been allowed to do so.  “We don’t want to set up borrowers to fail, said Amy Bonitatibus, Fannie Mae spokeswoman.

Because the jobless benefits can’t be considered permanent income, now, the unemployed who apply for HAMP are evaluated for forbearance plans, which can reduce or suspend their payments for at least three months. 

The new guidelines, released Tuesday, will take effect Nov. 

There are other programs available for those that qualify.  The recent economic downturn has caused hardships for many of us.  Because of this, the federal, state and local governments have stepped up to help.  Private industry has chimed in also.  If you or someone you know is struggling with your mortgage payment contact us to see what programs you may qualify for.  Email  or call (530 315-2808) us NOW.  Or you may contact the Home Rescue Group (HomeRescueGroup@EncoreRES.com) for more information.

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