Loan Modification Program For Homeowners Who Have Lost Their Job Offers Hope & Help - How it Works

There is a government loan modification plan that is designed to help struggling homeowners who have lost their job or seen their income reduced due to the economic recession. Borrowers who are facing the possibility of losing their home because they are unemployed may be eligible for a Treasury Department program that is funded with the TARP funds. This is good news for those homeowners who have not been able to qualify for any type of loan workout due to their unemployed status.

Disappointed with the low number of homeowners who have actually been helped with the government loan modification plans like HAMP, the Fed is putting a lot of pressure on banks to start aggressively reaching out to those homeowners who face imminent foreclosure due to unemployment and other hardship situations. The exact details for this particular plan are soon to be available, but the general qualifying criteria are:

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Live in the home as your principal residence Loan amount $729,750 or less Loan originated before 1-1-09 Facing a financial hardship situation

Borrowers who can meet those basic guidelines may be offered a government backed loan modification that will provide a very low payment so that foreclosure can be averted. Unemployed borrowers may see their mortgage payment reduced to an affordable amount for a pre-determined time period while they attempt to find a new job or get back on track financially.

Foreclosure rates are continuing to rise and that is preventing the housing market from a full recovery, which in turn is delaying the nations recovery out of the recession. This government loan modification plan will attempt to address those homeowners who have not been able to get relief due to their lack of employment. Borrowers will be expected to complete an application and provided detailed information about their income and expenses. It is important to prepare this paperwork correctly in order to have the best chance of approval for this government loan modification plan.

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