The foreclosure crisis has brought about some really aggressive programs to help struggling homeowners nowadays, even those who are unemployed.
This comes as a surprise to many homeowners who have lost their jobs. They think their situation is hopeless and are completely unaware that help is available to stop foreclosure – even for them.
What exactly is this “stop foreclosure” help?
It’s the Obama Administration’s $75 billion Making Homes Affordable Program. One aspect of the program is helping homeowners who have lost jobs. This is a critical component of the program, as many of the home foreclosures happening now are due not to subprime loans, but to job loss.
If a homeowner can prove that they can qualify for unemployment benefits for nine months, along with meeting other stipulations, they can get a mortgage modification.
The program has come under fire by many critics for not helping as many homeowners prevent foreclosure as it promised when it was initially rolled out. The original goal was to help 4,000,000 homeowners prevent foreclosure by various forms of home loan modifications.
To date, only about 675,000 homeowners have been helped.
The administration recently decided to put some muscle behind this program by considering fines and other sanctions against top mortgage providers who aren’t doing enough to help homeowners stop foreclosure.
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