Often the unemployed and disadvantaged feel over looked when it come to getting real help with lowering their mortgage payments, or even getting a temporary break from paying their mortgage. Recently there was a program put in place by many home lenders to assist unemployed struggling home owners who are needing help with their mortgage.
If you are a home owner or the spouse of a home owner who is unemployed you stand a great chance of getting your house payments deferred for up to 3 month.
Think about it, you could get to skip 3 mortgage payments while you are looking for new employment. Usually your mortgage is just about the highest monthly obligation you and your family has to pay monthly. With your mortgage being temporarily eliminated you might find it a lot easier to make your other financial obligations. Your unemployment needs to have been fairly recent, and you can not be more than 60 days behind on your payments at this point. If you are beyond 60 days past due on your mortgage there are other programs available to assist you with getting a loan modification even if you are unemployed. I educate my local community on how to lower their mortgage payments with their mortgage company the free, or least expensive way. Home owners are often happy they took the 1st step towards relieving the financial pressures off their family.
A mortgage loan modification can lower your mortgage payments, put your past due payments and all other expenses to the back of your mortgage loan, and bring your mortgage current with the credit reporting agencies. If your bank loan is modified you will get to start over with a modified mortgage payment usually at a lower monthly payment. It is a fresh start for the financially strapped consumer in turbulent financial times. You will be able to find the latest mortgage loan modification information that will benefit you always.
By Jenna Finch