The Making Home Affordable program ended on January 1, 2017. If you’re struggling with your mortgage payment, contact your mortgage company or a housing counselor at 888-995-HOPE (4673) as soon as possible.
If you are unemployed, the Home Affordable Unemployment Program, which is part of the government’s Making Home Affordable initiative, can reduce your monthly mortgage payments or suspend payments entirely for a year or longer.
Read on to learn more about how this program can assist you if you are unemployed and having trouble making your mortgage payments.
(To learn about other programs that are part of the Making Home Affordable initiative, visit our Government Foreclosure Programs topic area.)
The Home Affordable Unemployment Program (UP) is a complementary program to the Home Affordable Modification Program (HAMP). HAMP allows certain homeowners to modify their mortgages. Under the UP program, loan servicers must provide a forbearance period to qualified unemployed borrowers prior to evaluating them for HAMP. During the forbearance period, the borrower's monthly mortgage payment is reduced or suspended.
To learn more about HAMP, see our article The Home Affordable Modification Program (HAMP).
A borrower who is unemployed and requests assistance under HAMP must be considered for UP and given a plan under that program (if qualified) prior to being considered for a HAMP modification. If approved for the UP program, the borrower’s payments are:
The payment reduction or suspension lasts until the end of the forbearance period or until the borrower finds a new job.
You may qualify a payment reduction or suspension under the UP program if you meet the following criteria:
If you are eligible for UP assistance, the servicer will send you a forbearance plan notice that includes the duration, payment amount (if applicable), effective date, and expiration date of the forbearance plan. If you find a new job during the forbearance period, let your loan servicer know so it can begin the HAMP loan modification evaluation process as soon as possible. Otherwise, 30 days before your forbearance period expires, the servicer will provide you with the documentation needed to evaluate you for HAMP.
Currently, more than 100 loan servicers can offer relief to eligible unemployed homeowners under this program. (Only loan servicers that participate in HAMP offer the UP program.) If you become unemployed, contact your loan servicer immediately to find out if you qualify for a UP forbearance plan or other relief. The Making Home Affordable program is scheduled to end on December 31, 2016.
For more information about HAMP and UP assistance, go to www.makinghomeaffordable.gov, select “Explore Programs”, then click on “View All Programs” and look at “Home Affordable Unemployment Program (UP)”. You can also call 888-995-HOPE (4673) if you have additional questions about getting mortgage assistance or avoiding foreclosure.