Can I Get A Loan Modification If I Am Unemployed?
Diane in Melbourne, Florida asks:
I lost my job in March of this year. I have not been able to find another job. I am currently collecting unemployment but it is just not enough to pay my bills. Can I get a modification?
Answer
The Treasury introduced the supplemental directive 10-04 in June of 2010 entitled Home Affordable Unemployment Program or (HAUP) which grants borrowers a forbearance plan during which regular monthly payments are reduce or suspend. Borrowers will then be evaluated for HAMP at the earlier of re-employment or 30 days prior to the expiration of the HAUP forbearance plan.
