Two new federal mortgage modification programs will be available for unemployed homeowners.
Released July 27, 2010
BATON ROUGE, La. -- Starting in August, a new federal program will be available that provides help for homeowners who have become unemployed so they can temporarily reduce or suspend their mortgage payments while they seek employment, according to Gloria Nye, LSU AgCenter extension family economist.
Through the national Making Home Affordable program, local mortgage servicers can temporarily suspend payments in full or reduce payments to no more than 31 percent of the homeowner’s gross monthly income, even if that income is solely from unemployment.
“There is no cost to apply for this program,” Nye said. “Check with your mortgage servicer to see if you qualify.”
--continued on LSU AgCenter news
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