The main concern of the unemployed is the possibility of a foreclosure. Most foreclosures in the market today are caused by unemployment. The situation does not seem to be improving as more and more homes get foreclosed and the market is bursting with distressed properties.
Rather than losing all hope, unemployed homeowners should try to get employed again quickly and reach out to seek assistance from the government. In 2010 the government has launched a financial relief program aimed at reducing all the debts owed by financially strapped individuals. The program is geared towards encouraging lenders to work with their borrowers in easing their mortgage burdens instead of going the foreclosure route.
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Debt Relief for Struggling Homeowners
The government's debt relief program - "Making Homes Affordable Program" - was developed specifically for distressed borrowers. As most lenders have implemented more stringent lending rules and standards, the debt relief program will encourage them to be more open to restructuring the borrower's loan over foreclosing on the debt. The program is open for all individuals who were recently unemployed, but is now holding a job. The goal is to bring down the borrower's mortgage payment to a level that is commensurate to their monthly income. The interest rate of the debt is the first thing to be adjusted and if it does not seem to be working, the borrower can then request for a restructuring of the loan for a longer duration than the original mortgage. Another option available is for the lender to reduce the principal altogether.
There are several other government assistance programs for people in dire financial straits and those who are facing foreclosure. Most of these programs will require you to submit a letter of proposal for a relief grant. The letter should itemize the amount of debt and the amount of payment that the applicant is capable of making. It should also clearly outline who the grant will be applied to the borrower's obligations. Once approved, the government can opt to directly pay the borrower's creditors or to issue a check to the borrower.
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