HAMP Loan Modification Program for Unemployed To Start August 1
Finally, the unemployed may be able to delay mortgage payments for at least three months – less if you become employed faster and longer if your lender agrees.
The article, “Unemployed? The New HAMP Loan Modification Program Might Help You Keep Your House,” by real estate expert Ilyce Glink gives the details. Glink is a regular contributor to the Equifax Personal Finance Blog, which posts educational articles in the areas of credit, insurance, retirement, taxes and real estate.
The Unemployed Program, part of the larger Making Home Affordable loan modification program, is set to start August 1, 2010. As expected, there are stipulations. The borrower must be the one who is unemployed and receiving unemployment benefits. The mortgage must be a first-lien loan on the borrower’s principal residence originated on or before January 1, 2009. And you must make the request before you are three monthly payments behind.
There are more requirements than we can list here, and they’re not all set in stone yet. Glink promises to keep readers informed of any changes to the current rules before the program starts. The Equifax Personal Finance Blog also links to the directive that sets up the program, and it offers a place to ask Glink questions about the HAMP program or other real estate issues.
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