Paying Mortgage When Unemployed

Home Affordable Unemployment Program

There are times in life when bad luck hits you bluntly in the face. Having a mortgage and being unemployed is such a case. Thousands of Americans have found out that their home value has sunk deep, their mortgage payments are coming as scheduled, but then the worst case scenario happens and the homeowner looses his job.

Losing a Job and Having Mortgage To Pay

Is the Home Affordable Unemployment Program for you? Here are the criteria as posted by the Make Home Affordable site:

You may be eligible for UP if you meet all of the following criteria:

  • You are unemployed and eligible for unemployment benefits.
  • You occupy the house as your primary residence.
  • You have not previously received a HAMPSM modification.
  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your home.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for UP. See more.

More On Programs To Help You Pay Mortgage When Unemployed

 

 Chase Bank – Home Affordable Unemployment Program

Here are the guidelines for the Chase Bank Unemployed Assistance Relief Program:

During this time, you are provided a temporary relief in the form of reduced monthly repayments while you are on the lookout for a new job. This relief is termed as forbearance.

According to the recommendations of this program, you are not liable to pay more than 31% of your total monthly household income towards your home loan. It is applicable for up to 12 months or till the time, you find a new employment. Chase Bank is however very customer friendly bank and it reviews your mortgage, 30 days before the forbearance period is over to check if you are eligible for an extension of this relief. You can also consider the Home Affordable Modification Program. In case, you don’t qualify for any of the above, Chase Bank will still provide you help to avoid foreclosure.

For the eligibility criteria and other details about this program, you can call Chase Bank home loan support at1-866-550-5705. See Source..

 

Losing a job and having mortgage payments can wreck any family, which has to deal not only with the stress of finding a job, but also the fear of loosing their home back to the bank. Home Affordable Unemployment Program was developed to help at exactly these incidents.

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