Due to the recession having the most effect on the Americans, there are a lot of people who have lost out on their jobs. A huge number of Americans have been rendered jobless which is making it even more difficult for them to pay their monthly mortgage payments. But with the new President Obama initiative for homeowners, it is possible for unemployed homeowners to get a mortgage modification loan. This will stall off the process of foreclosure of their house for some time.
During the earlier version of the program, people did not have jobs were more than likely not to get the loan modification but it is not so in this program. Job unemployment has affected everyone in the United States of America, so it was time that someone did something to help the homeowners and who better than President Obama. The Home Affordable Plan has allotted $75 billion for helping around 4-5 million people and let them have their homes with the program of mortgage modification loan.
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There are various factors by which a lender might start off dealings with you even if you are unemployed. The fact is that you just have to show that you have the ability to pay the revised monthly mortgage payments. Even if you do not have a job but receive monthly unemployment checks, then the lenders are more than ready to work out the new details with you. But sometimes, it is always better to stall the loan modifications till you have a job or at least have a job interview. If you do not have a job or an interview, then it just increases the chance of getting rejected by the lender. The minimum period within which you can stall the foreclosure of your house is a month, so there is enough time for you to not rush into things without a job.
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