It is difficult to get a loan modification when a person is unemployed. After all, a person who is unemployed may not be able to get enough money on a regular basis in order to afford a loan modification plan. However, a permanent loan modification service to avoid foreclosure can be used. This is provided that one has enough unemployment benefits. These benefits will be used to ensure that one is going to have an easier time paying off a loan for a number of months.
The Making Home Affordable program from the United States government is working to confirm that one’s unemployment benefits are being received. This is done as a means of seeing that the loan will be something that can be easily paid off. The money will be required so it will be easier for the loan to be paid off.
The MHA program states that a person who is trying to get a loan modification to stop foreclosure must be getting unemployment benefits for at least nine months. This is needed so the person will be able to handle the payments that will be used on the prior period.
The greatest part of this service is that a typical loan modification specialist can work to handle this part of one’s benefits. An agency like 1st Foreclosure Prevention will be able to assist a person with one’s needs.
The unemployment benefits can generally come from the government. This is based on the industry that one is dealing with. Unemployment benefits may come from the employer that one was working for. This is provided that the person was fired from a job involuntarily. This could have happened from something like a business downsizing or outsourcing its jobs to some other place.
The nine month period will be used because a person who can handle payments during this time will be able to qualify for a permanent loan modification. This is also used because a person should be able to have enough time to take care of a job search. A typical person should be able to find a new job within the nine month period that this trial period will work it.
It does help to know that a person who fails to make payments on the loan modification at any time will end up being removed from the plan. This is due to how the person is going to be interpreted as one that was not fiscally responsible enough to handle payments. This is especially important to see because of how the payments should be easier to handle.
Overall a person who is unemployed can still get a loan modification through the services of an agency like 1st Foreclosure Prevention. This is provided that a person is getting a certain amount of unemployment benefits when doing so. Earning enough unemployment benefits is needed so that a person can not only get a mortgage paid off but also have plenty of time to use for finding a new job.