Subprime Blogger

Your Mortgage News Source

Unemployed Homeowners Could Get Money Help from Obama

Posted on | September 18, 2009 | 4 Comments

Unemployed homeowners who have lost their job and cannot make their mortgage payment could get help with money from President Obama.  The Treasury Department has held meetings with the most recent coming Thursday.  One of the proposals for homeowners who are unemployed is to allow these individuals to skip some monthly mortgage payments.  Another proposal is to provide loans or grants that will cover the cost of the mortgage payments while the homeowner is unemployed.

There is no time line for when these proposals may take place.  The meetings that are going on include major lenders, economists and government officials.  These meetings come after the $75 billion Making Home Affordable plan was created in March.  The plan was designed to help homeowners prevent foreclosure by getting into more managable mortgages.  The plan has been under much scrunity because of the slow start it has gotten off to.

We could see a huge roadblock in the housing market recovery with the continued increase of the unemployment rate.  As the national unemployment rate nears double digits, there needs to be a plan that assists the unemployed when it comes to making their mortgage payment.  Many mortgage lenders feel that if we are going to get out of this housing crisis we need to offer unemployed homeowners something besides mortgage modification.

It will be very interesting to see if these talks lead to anything in writing.  As unemployment continues to increase we are going to see many homeowners who cannot make their mortgage payments.  This is ultimately going to lead to another wave of foreclosures that this housing market will not be able to handle.  By offering assistance to unemployed homeowners we might see the housing market continue to recover.

Please make sure to return to Subprime Blogger for all your mortgage and financial news.  To stay up to date on the current state of finances make sure to bookmark the current news category below.  We offer information on everything from getting a lower mortgage rate to increasing your credit score.

Current News

Author: Jeremy North

Category: Current News

Comments

4 Responses to “Unemployed Homeowners Could Get Money Help from Obama”

  1. jimmy lawson
    September 19th, 2009 @ 11:07 pm

    my problem is i have been unemployed for a year.my morage used to be with taylor bean and whitteraker i called about eleven times to talk to someone about getting help with my morage.every time i called i got a different response from there employees.half of them said i could get help the others told me their was nothing they could do because i am unemployed.now my loan was sold to bank of america.they are telling me the same thing.so i turned to hope for help. what am i to do if they cant help.i have a family of 5 stressing out about my home, and whats going to happend.i didnt ask for the sittiation i just dont know what to do.can you send me in the right direction.thanks jimmy

  2. Don
    September 22nd, 2009 @ 3:05 pm

    Bank of America is doing NOTHING to help the unemployed. They will not look at Unemployment payments as a source of income, hence they will do nothing about a loan modification yet we bailed their sorry asses out. If they had not assumed my mortgage from Countrywide, I’d never seek them out to do a mortgage with. Pack it Shackett!!!!

  3. Cindy
    September 25th, 2009 @ 9:11 am

    Unfortunately, my home loan is now with Bank of America. I have submitted documentation three times for a modification. I was repeatedly told “unemployment is not a hardship”, I don’t agree. I spoke with a bankruptcy attorney this morning and have found out the process won’t help us in our situation. Now what? Does anyone have any suggestions of people to talk to or programs I can look into. To anyone with suggestions, I thank you in advance. For those who are in the same boat, I wish you the best.

  4. dml
    October 25th, 2009 @ 7:12 pm

    i too was with countrywide and bank of america now has my laon and is telling me the same thing that they cannot count my unemployment as income. i have lived in my home for 16 years. it is appraised t 77,000. i owe 67,000
    and i financed 97,000. they told me that they will let me know something 72 hours before my sale date. not sooner. they are doing nothing to reassure me. i have been calling for a definate modification of some kind since june.

Leave a Reply





    • Subprime Blogger is Digg proof thanks to caching by WP Super Cache!