I am unemployed and having difficulty paying my mortgage. What benefits are available under the Temporary Assistance for Unemployed Borrowers?
The program will require services to provide a minimum of 3 months, and up to six months for some borrowers, of temporary forbearance for eligible unemployed borrowers, during which their payments will be reduced to no more than 31 percent of their monthly income. After the forbearance period, borrowers will be evaluated for a HAMP modification if they have a mortgage payment greater than 31 percent of their monthly income and meet other income documentation and property eligibility requirements. The temporary assistance will enable unemployed homeowners to remain in their homes as they continue to seek employment. If the forbearance period ends without re-employment, the homeowner may be considered for a HAMP program supporting alternatives to foreclosure including short-sales.
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