It’s now possible to secure a loan modification even if you are unemployed and that is something official. Last year, the Obama administration announced financial assistance to help homeowners, who have lost their jobs and at the same time, have been faced with impending home foreclosures. Nevertheless, it could be important for you to know how to get through the federal mortgage modification process for unemployed successfully.

It is a fact that unemployment has risen in the United States on account of the ongoing phase of economic downturn and getting your existing home mortgages without a job could be a harrowing task. Nevertheless, the government stimulus supported UP Forbearance Plan offers a new ray of hope to unemployed borrowers who are faced with rising mortgage debts that have become hard to manage. But to derive the benefits of the federal plan, borrowers need to know how the entire process works. Here is some useful information regarding the same.

Rising unemployment has forced the federal government to encourage loan modification lenders to offer home mortgage modification plans to jobless home makers in order to help them keep their homes. And to assist such borrowers to avoid foreclosures the HAUP offers different alternatives. In any case, most of the mortgage servicers who provide loan modifications do take into account the debt-to-income ratio (DTI) of the borrower for determining his eligibility for the federal plan. Therefore, if you are without any job and considering applying for the HAUP, you could have much better chances of getting approved if you go through unemployment checks. Alternatively, if you are presently not receiving any compensation for being unemployed, you may still qualify for vital financial assistance. So it is advisable to find out if you are primarily eligible for the HAUP plan.

You could apply for a loan modification under the Home Affordable Unemployment Program 30 days prior to your home getting foreclosed. Thereby, it could be beneficial if you could wait for some time and find out if you can get a new source of employment in near future. This is because no lender would grant you an early approval especially when you are jobless. Remember, to qualify for the Obama loan modification for unemployed program, you are not just required to satisfy certain complicated guidelines, but you also need to have an excellent past employment history although you may be unemployed currently. Here, make sure that you have worked for some company for a longer time period and not for few months. Thus, qualifying for the HAUP plan might not be that easy since some lenders may not even consider unemployment checks to grant you an approval. However, you could make your task much easier by taking advantage of expert help that is available online.

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To get more useful information on the home affordable unemployment program eligibility and process requirements, it is hereby recommended to use the professional services offered by reputed online service providers like LoansStore.