If you are unemployed and depending on your situation, MHA’s Home Affordable Unemployment Program (UP) may reduce your mortgage payments to 31 percent of your income or suspend them altogether for 12 months or more.
Eligibility
- You may be eligible for UP if you meet all of the following criteria:
- You are unemployed and eligible for unemployment benefits.
- You occupy the house as your primary residence.
- You have not previously received a HAMPSM modification.
- You obtained your mortgage on or before January 1, 2009.
- You owe up to $729,750 on your home.
Program Availability
More than 100 HAMP-participating servicers can offer UP to eligible unemployed homeowners.
You may be required to make a partial payment, not to exceed 31 percent of your verified monthly gross (pre-tax) income including unemployment benefits.
You will be evaluated for a HAMP mortgage modification at the end of your UP forbearance period if it is available at that time.
UP is not currently available for homeowners with mortgages held by Fannie Mae and Freddie Mac; however, both have their own forbearance arrangements for unemployed homeowners.
Program ends December 31, 2013
Gateway Consulting – California – San Diego – Loan Modification & Foreclosure Specialists