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: Mortgage Lender Implode-o-Meter

Unemployment Mortgage Assistance And Foreclosure Alternatives?Can Jobless

By Implode-Explode Heavy Industries

"In these cases, where federal or proprietary home loan modifications are unavailable or unhelpful, unemployed homeowners may be able to participate in foreclosure alternatives programs which allow homeowners to surrender or sell their home and essentially be forgiven of their remaining mortgage debt. Short sale options, which have typically been used by homeowners in an underwater mortgage situation, and deed in lieu of foreclosure plans may be available to homeowners who have shown a previous ability to make the mortgage payment but, due to factors like unemployment, are simply unable to continue making home loan payments."

Full post as published by Mortgage Lender Implode-o-Meter on January 01, 2011 (boomark / email).