rssMore Help for Unemployed Homeowners
Wednesday, August 11, 2010 at 2:52 pm
- 35 Comments
Today, the Obama administration announced it will spend $3 billion more to help jobless homeowners.
First, the Department of Housing and Urban Development is starting up the Emergency Homeowners Loan Program, created in the Wall Street reform bill. The program helps the unemployed pay their mortgages by providing interest-free loans of up to $50,000. Borrowers can use the funds to pay their “mortgage principal, interest, mortgage insurance, taxes and hazard insurance” for up to two years or until they find work.
To qualify, homeowners need to be at least three months behind on their mortgage payments, demonstrate the ability to resume payments within two years, live in their home, own only one home and have a good history of paying bills. HUD did not say which states or cities it will offer the program in.
Second, the Treasury Department is expanding its Hardest Hit Fund, which provides direct mortgage aid to the jobless in states with high unemployment rates. The fund is already working in Arizona, California, Florida, Michigan, Nevada, North Carolina, Ohio, Oregon, Rhode Island and South Carolina. Now, homeowners in Alabama, Illinois, Kentucky, Mississippi and New Jersey are also eligible.
These programs are all well and good. But as I wrote in June, for millions of homeowners, they might be too little, too late. The foreclosure crisis has already peaked. And neither program addresses the underlying problems of unemployment and homeowners being underwater on their mortgages since the collapse of the housing bubble.
“We remain committed to helping struggling homeowners, and this program will provide additional assistance to states hit hardest by unemployment,” Assistant Secretary for Financial Stability Herb Allison said in a statement. “This is part of the Administration’s comprehensive housing policy that has helped to stabilize a fragile housing market and allows responsible homeowners the chance to reduce their monthly mortgage payments to affordable levels.”
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35 Comments
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Comment posted August 11, 2010 @ 7:09 pm
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Comment posted August 11, 2010 @ 8:04 pm
There are approximately 15,000,000 homeowners that are underwater in the USA.
What needs to be done is for the Fed/Treasury/Fannie and Freddie to get together and design a program that will buy approximately 20% of the principal and hold it until the economy approves, then release small percentages back to the homeowner to be repaid.
The entire focus of the bailout was on the financial markets that were supposed to get the credit market going again,that did not happen.
A small percentage of homeowners have been helped, but not nearly enough.
The financial help given to the Wall St. Ganksters and others with guarantees included have reached a total of $15, 860, 507,000,000..
What is wrong with Bernanke, Geithner, Summers, and many others that can only see the single tree but not the forest of 'We the People.”
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Comment posted August 22, 2010 @ 5:23 am
Thank You president Obama,
I have called Las Vegas, Nevada my home for the past 23 years
But after being unemployed for the last 1 1/2 years in Las Vegas, we had to file bankruptcy and lost our home (because Countrywide/Bank of America would not talk/help us), and also used ALL of our savings and retirement (401K's) to try and survive through the high unemployement rates here in Nevada . We are over qualified for the low paying jobs and under qualified for our normal pay scale jobs (no jobs in our line of work)
So Thank You again !!!!!!!!!
for comming through with the stimulas money to help CREATE JOBS, SAVE HOMES and FAMILIES
its to little to late for the majority, but it makes great HEADLINES
Comment posted August 22, 2010 @ 5:36 am
If unemployment rates were down (which no one seems to be working on to lower) If the majority had jobs this would not be an issue. So do you want to fine people that don't have money in the first place because of no jobs. How will they pay the fines. FIRST we need to create JOBS and get people back to work and then they can pay for insurance and the FINES
Comment posted January 14, 2011 @ 7:22 am
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Comment posted March 7, 2011 @ 10:33 pm
Hmmm. Here’s a funny thing, I fell behind on my mortgage after loosing my job. I spent my entire savings to cover the mortgage payments that went up during this time due to the rise in my property and school taxes. I fought for 2 years for a modification which never came to fruition. During all of this my mortgage “servicer” would not entertain the idea of forebearance, short sale,etc. So my mortgage was reported to the credit agencies as a “foreclosure proceeding”. It has now been almost 5 years and I am still fighting with the servicer and had to just walk away. I still legally own the home because they never actually forclosed. In the meantime, I could have put my house on the market and and sold it for what was owed since I was not underwater only behind. The forclosure pending against it made selling it impossible. I was not allowed to sell. Go figure. As far as the unemployment mortgage assistance, another loan? really? And who gets to determine what states it will be available? I’m pretty sure the states were not the mortgage holders of these loans, its the PEOPLE that live in them!
Comment posted April 20, 2011 @ 5:41 am
Well you article is good but i am still in doubt how can it be helpful for person for who has no job and become homeowner.
Comment posted May 16, 2011 @ 2:14 pm
The services can also require that you have been on unemployment benefits for at least three months before your forbearance period can begin.
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