Homeowners Who Are Out Of Work Are Now Getting Help with Their Mortgage Payments Thanks to a Program Offered Through Essex Mortgage Bank

Essex Mortgage Bank can now assist unemployed borrowers with their mortgage payments by having the payments reduced for a minimum of three months. This is in cases where a loan modification is no longer possible.

Santa Rosa, CA, July 09, 2010 --(PR.com)-- With unemployment numbers hovering around 10% the government introduced a new mortgage program. On July 1st Unemployed homeowners began receiving assistance from a new program called (HAUP) which is short for the Home Affordable Unemployment Program (HAUP).

HAUP provides homeowners a forbearance of monthly mortgage payments, either reducing them or suspending them for at least three months. Servicers can extend the timeline depending on regulatory guidelines.

Homeowners who qualify for the program have a first-lien mortgage originated on or before Jan. 1, 2009. The unpaid principal balance on a single-unit primary residence must be equal to or less than $729,750, and the mortgage has to be in default or in imminent default.

Those who have already gone through the Home Affordable Modification Program (HAMP) process are not eligible for the HAUP. HAMP requires borrowers to be employed with some income for the modification to be reduced down to 31% of the monthly income.

But once the borrower finds another job or the borrower is 30 days from the end of the HAUP forbearance period, the borrower can be revaluated for a HAMP modification.

HUAP joins the Home Affordable Foreclosure Alternatives (HAFA) program, which provides incentives to servicers for providing short sales and deeds-in-lieu of foreclosure, as another net to catch borrowers who fall out or fail the HAMP program.

If you would like more information on this program or the many others mortgage assistance programs available to homeowners contact branch manager Jeffrey Martino Young at Essex Mortgage Bank in Santa Rosa,Ca,95404 toll free # 1-(877)-870-2676 or 1(310) 984-0496.

Essex Mortgage Bank
Jeffrey Martino Young
24 hr Cell Contact 1-310-984-0496