For many people across the country, being unemployed and underwater on their mortgage appears like a never ending hole. Not only are you unemployed, but you owe more than your house is worth. Although recently the housing market has begun stabilizing, there are still countless people who are in financial distress due to unemployment and owing more on their mortgage than the house is worth. If you are currently in this financial dilemma, do not despair because there are options available to help alleviate both problems.
Dealing with Unemployment
Losing your job and struggling to make your mortgage payment often go together if you haven’t set aside a savings cushion for emergencies like this. If you were living on your full salary before, living on reduced unemployment benefits certainly is going to result in making ends meet even more difficult, let alone making your mortgage payment every month.
However, if you are facing these dire circumstances, you may very well be in a position to obtain housing relief. A government backed program called the Home Assistance Refinance Program (HARP for short) allows you to restructure your existing loan into a new loan with a lower principal balance along with a lower interest rate.
HARP can give you a monthly mortgage payment that works well within your budget if you are unemployed. Apply today with your lender, explain your situation and get the ball rolling on a completely modified loan.
How to Deal With Underwater Mortgages
First and foremost, it is important to understand [Read more…] about Housing Relief for Those Underwater or Unemployed