Shadow

Tag: loan modification

Temporary government loan modification for unemployed

Temporary government loan modification for unemployed

Career
For homeowners, an unexpected job loss can be a unpleasant obstacle in the way of obtaining a home loan modification due to the fact that lenders require homeowners to possess an income sufficient enough to comfortably repay a modified mortgage loan. Through the Making Home Affordable program, the federal government offers temporary loan modification to unemployed individuals to help them avoid foreclosure while seeking new employment. Home Loan Modification for the Unemployed Unemployed homeowners can apply for a forbearance plan through Making Home Affordable. The goal of the forbearance plan is to give the homeowner manageable mortgage payments until he can find employment. Restructured mortgage payments can continue for a minimum of three months and maximum of six months. ...