If you are currently unemployed and struggling for ways to pay your mortgage there might be some ways to receive help that you are unaware of. Many people tend to just sit around going further into debt without actively trying to correct their situation and make their mortgage payments on time. Some ways that you may possible receive mortgage assistance if you are unemployed include contacting your lender to see about reducing your current payments, reaching out to your local job, family services center, and looking into federal programs that are designed to assist people who are having trouble paying their mortgage.
One way you can try to receive help with paying your mortgage payments on time is contacting your lender and explaining your current unemployment situation. Many times lenders will offer a reduced payment or some form of a forbearance plan that will help you through these financially difficult times. The key to this being successful for you is keeping your lender up-to-date about your financial status so that they can make any necessary adjustments to your mortgage payment.
A forbearance plan is perfect for individuals who are only expecting their financial struggles to be temporary, as this is only temporary assistance. With a forbearance agreement you will be on this plan for a period of four to twelve months making reduced payments or in some rare cases no payments at all. Once this period is complete many times the lender will tack on any past dues or the shortage amount each month to the back of the loan and bring your account current. Many end up going this route because it can definitely help if you anticipate a new job in the near future.
Loan modifications are another way you could possible get assistance if you are unemployed, but be aware the chances of achieving this are slim unless you have a job. These are usually for people that do have steady income but are just struggling to manage their monthly payments. However, there are still some homeowners out there who achieve this assistance even while they are not employed. Be aware that this process is going to take quite some time to complete and it is never guaranteed a borrower can achieve this. If you are familiar with modifications you probably are well aware of the government’s Making Home Affordable program that came out last year. For this program any unemployed borrower must be able to prove they are receiving benefits for at least nine months in order to be eligible for this program. But with the national average jobless rate at 10% this program is failing miserably.
Another way to try and find some aid to pay your mortgage when you are unemployed is reaching out to your local Job and Family Services center. Many times these centers can offer financial assistance for the unemployed that will go a long ways in paying your mortgage on time. These centers are a great place to help get training for a potential new career that will help you get back on your feet and steady paychecks into your bank account. Here they will teach you about the most valuable careers and which would be suitable for your situation. If you have been unemployed for a long period of time it might be necessary for you to think about starting a new career and these Job and Family Services centers are a great place to start your search.
Also, you can look into various federal programs that are designed to help people who are currently having issues paying their mortgages on time. These programs are designed to help struggling homeowners refinance their home loans so that they can have lower monthly payments which in turn should be easier to pay. They can also help you find a new job or career that best fits your situation. This could be an ideal temporary solution until you are able to find another job and continue making regular monthly payments.
If you are currently unemployed and looking for help with your mortgage payments there are several options available to you that you might not know about. You could consider contacting your lender about reducing your monthly payments or extending a forbearance period to cover this time when you are unemployed. Try contacting your local Job and Family Services center who may be able to provide you with financial services and help getting started in a new career. Also, you could research various federal programs that are designed to assist people that are having issues paying their mortgages in a timely manner. Regardless of your situation there are a few last resort measures you can take before going into a foreclosure.