Are You Unemployed? We Can Help Make Your Mortgage Affordable!
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Are you unemployed and having difficulty paying your mortgage? Have you been looking for employment but haven’t found it yet? Is your unemployment insurance not enough to pay your mortgage obligations? Then the Home Affordable Unemployment Program can help you either by suspending or reducing your mortgage payments for up to twelve months while you look for employment. The objective of this program is to facilitate the homeowners during the unemployment period and let them stand back to their feet by suspending the payments.
Overview of the Program
Home Affordable Unemployment Program (HUP) is a government sponsored program that provides relief to the unemployed homeowners for up to one year. HUP is a complementary program to the Home Affordable Modification Program (HAMP) which allows certain homeowners to modify their mortgage. Under HUP a loan services must provide a forbearance period to qualified homeowners prior to evaluating them for HAMP. During the forbearance period, the borrower’s monthly mortgage payment is reduced or suspended.
How the Program Works?
A homeowner who is unemployed and requested assistance under the HAMP must be considered for Home Affordable Unemployment Program and if qualified must be given a plan before being considered for Home Affordable Modification Plan. If the borrower is approved for HUP, then payments should be reduced to no more than 31% of his or her monthly income, or suspended entirely for 12 or more months for the first mortgage. The payment reduction or suspension lasts until the end of the forbearance period or until the borrower finds a new job.
Apply For Home Affordable Unemployment Program- Call (888) 945 5553
Eligibility for HUP
To get assistance under HUP you must qualify for the following criteria.
- You are unemployed and are able to document the fact that you are eligible for unemployment benefits.
- You occupy the house as your primary residence.
- The loan has not been previously modified under HAMP. (Borrowers who were previously deemed ineligible for a HAMP modification are eligible to apply for the HUP program.)
- The loan originated on or before January 1, 2009.
- The unpaid principal balance on your home is equal to or less than $729,750.
- You are delinquent on payments (not more than three) or default is imminent.
- Your mortgage is not held by Fannie Mae or Freddie Mac (though both have their own forbearance programs for unemployed homeowners.
Unemployment Program Availability
Currently, more than 100 loan servicers can offer relief to eligible unemployed homeowners under this program. (Only loan servicers that participate in HAMP offer the HUP program.) If you become unemployed, contact your loan servicer immediately to find out if you qualify for a HUP forbearance plan or other relief. The Making Home Affordable program is scheduled to end on December 31, 2016.
Why Hire ACG?
Absolute Consultant Group will initiate the process on your behalf. We have a vast amount of experience and have helped a number of unemployed homeowners getting Homeowner Unemployment Program approved. We know where the problems can lie so we review for as many issues as possible that can be hurdles in getting approved. We have, experience, negotiation skills, knowledge and capability to get your program approved.