By Jackie Simmonds, NEJS Blog Editor
The HAUP Program went live in July but you don’t hear much about it.
This program is part of the Obama Administration’s strategy to get the economy and the housing market back on track. The main component of the program is that it will provide homeowners the ability to apply for a forbearance on their home loan which will allow them to reduce their monthly mortgage payments for up to six months. In some cases the forbearance period may be extended if the borrower has not yet found a new job at the end of the initial period of time.
Every unemployed person’s situation is different, but given the length of time the average person can expect to be out of work coupled with the fact that there appears to be very little hope of change in the next year, arming yourself with information about your options is important. Many people do not have enough savings to make it through to the other side, only you know when you will hit the breaking point.
