The foreclosure crisis has brought about some really aggressive programs to help struggling homeowners nowadays, even those who are unemployed.
This comes as a surprise to many homeowners who have lost their jobs. They think their situation is hopeless and are completely unaware that help is available to stop foreclosure - even for them.
What exactly is this "stop foreclosure" help?
It's the Obama Administration's $75 billion Making Homes Affordable Program. One aspect of the program is helping homeowners who have lost jobs. This is a critical component of the program, as many of the home foreclosures happening now are due not to subprime loans, but to job loss.
If a homeowner can prove that they can qualify for unemployment benefits for nine months, along with meeting other stipulations, they can get a mortgage modification.
The program has come under fire by many critics for not helping as many homeowners prevent foreclosure as it promised when it was initially rolled out. The original goal was to help 4,000,000 homeowners prevent foreclosure by various forms of home loan modifications.
To date, only about 675,000 homeowners have been helped.
The administration recently decided to put some muscle behind this program by considering fines and other sanctions against top mortgage providers who aren't doing enough to help homeowners stop foreclosure.
To Stop Foreclosure and Get Mortgage Modification Help, Be Prepared to Prove Your Case
You're going to have to get some documents together to prove you qualify. Some you might want to start gathering are:
Monthly Bills: Sit down and write out what all of your monthly expenses are. Get statements, checks and online payment records ready to prove these amounts.
Tax Returns: Get them together for at least the last two to three years.
Unemployment Award Letter: When you apply for unemployment, they send you a notification letter that tells you when your benefits start, when they end, and how much you will be getting.
Bank Statements: Get at least the last 12 months ready. And, most lenders like to see the front and back pages, so when you copy, don't forget to copy both sides.
Other Financial Documents: 401K statements, mutual fund statements, child support, spousal support, etc.
Stopping Foreclosure Requires a Healthy Dose of Patience
While the process is intense, keep the end goal in mind - stopping foreclosure saving your home while getting some financial breathing room at the same time.
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