“Unemployment” – It is a single word but very much vast in describing a person’s overall condition. A person’s financial condition, psychological condition, and overall emotional well-being can be explained by this word. Thanks to recession, approximately one person out of ten can be found bearing this problem.
The recent statistics shows a sampling of unemployment rates in different states as follows: North Carolina- 9.9%, California- 10.9%,New York- 8.5%, Texas- 7.1%. (Data from the bureau of labor statistics)
In my previous articles I have inspired people’s dream of home ownership. Today we are going to see how an unemployed person can seek for help to maintain his dream of home ownership.
Have you ever heard of MHA (Making Home Affordable)? This is a free federal government program, designed to help struggling homeowners to make their mortgage payments. Among many of its programs,Home Affordable Unemployment Program (UP) is quite awesome.
To receive benefits from this program, you must meet the following eligibility requirements.
• You are unemployed and eligible for unemployment benefits.
• You occupy the house as your primary residence.
• You have not previously received a HAMP modification.
• You obtained your mortgage on or before January 1, 2009.
• You owe up to $729,750 on your home.
(Source: Making Home Affordable program’s website)
Now, you’re perhaps wondering where is this program available? Well, more than 100 organizations affiliated with HAMP can offer assistance with UP. For example, in North Carolina, Yadkin Valley Bank, RBC Bank (USA), Marsh Associates, Inc etc. offer UP.
Let me share a success story with you… A homeowner lost his job in late 2009. He had just purchased a home and was in the middle of settling in when he lost his job. The mortgage was unbearable to him. He entered into a HAMP trial modification in December 2009 and moved in to a permanent modification in March 2010. As a result, he was then able to meet his mortgage payments, and was also able to put aside a good amount for savings each month too!
So, if you find yourself in a similar unfortunate situation, I strongly suggest you research the UP program and contact an appropriate bank to see if you qualify. You have nothing to lose and so much to gain!
In the end, it can be said, patience, persistence, and perspiration make an unbeatable combination for success.
We are born to succeed, not to fail!
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