The U.S. unemployment rate currently sits at just over eight percent and seven percent for the state of Missouri. Although there are signs of economic improvements, our nation’s economy is still struggling, which means that many homeowners’ mortgages are underwater.

 

There’s still hope. Your St. Louis mortgage lenders at USA Mortgage have the details on existing programs to assist unemployed homeowners.

 

HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP)

If you are having a difficult time making your mortgage payments due to unemployment, this program may be the one for you. UP provides a temporary reduction or suspension of your mortgage payment for at least 12 months while you are in the process of seeking employment.

 

FHA FORBEARANCE FOR UNEMPLOYED HOMEOWNERS

The Federal Housing Administration (FHA) now requires servicers to extend the forbearance period (a period determined via an agreement between a lender and a borrower that delays foreclosure) for unemployed homeowners. Originally, the forbearance period was only four months. However, in July 2011, this time period was extended to 12 months and upfront hurdles were removed so it became easier for unemployed homeowners to qualify for this extension.

 

It’s a severe disruption when one loses their job. In these times of distress, your home should be your comfort zone. Our team of experienced mortgage lenders in St. Louis can individually work with you to ensure that your home remains yours even if your job doesn’t. For more information on available mortgage programs or to get started working with us, contact us today!