by Andrew Latham
Losing your job will reduce your income. Find out how you can get help.
Types of Mortgage Help
There are several state and federal institutions that provide help for unemployed borrowers struggling to pay their mortgages. If you are struggling to pay for your mortgage, contact an approved free housing counselor. These counselors are sponsored by the Department of Housing and Urban Development to provide quality advice for struggling borrowers. (See Resources.) The Home Affordable Unemployment Program, or UP, helps unemployed homeowners avoid foreclosure. UP provides borrowers with a period of time during which their mortgage payments are reduced or suspended. HomeOpeners is sponsored by the California Housing Finance Agency (CalHFA). It is an involuntary unemployment insurance that protects your mortgage. This insurance is included in all CalHFA conventional mortgages. HomeOpeners will pay up to $2,5000 towards your mortgage for a maximum of six months. Although not a long-term solution, this program gives you six months to get back on your feet before having to worry about foreclosure proceedings. However, this program will only help you if your loan included HomeOpeners before you lost your job.
Time is of the essence when it
comes to looking for unemployment and mortgage help. The sooner you contact your lender and ask for help, the more choices to avoid foreclosure you have. Programs like UP require borrowers to be unemployed for 30 days before they qualify. Unemployment programs provide mortgage help by paying your mortgage for three to nine months. However, foreclosure sales can occur within three to nine months from a lender sending a notice of default on payments. On the other hand, CalHFA requires borrowers that want unemployment mortgage protection to contact CalHFA before the end of 60 days to qualify for a claim.
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