The Financial Reform bill being tossed around in Congress has several provisions that may help those borrowers who are unemployed.

As of today, there are not many options for mortgage assistance for borrowers who have recently lost their jobs. Unfortunately, the modification programs currently available are really geared to those individuals who have consistent income. Well, many homeowners are without employment and therefore do not qualify for a typical loan modification.

As part of the new Financial Reform bill several members of Congress have recently added bills to ensure that those unemployed borrowers are given an extended period of time to bring their loan current. One bill put forth The Homeowners Emergency Mortgage Assistance act may enable unemployed borrowers to borrow up to $50,000 and two years to pay that money back in order to keep their mortgage current. This bill still has to be approved by lawmakers, but Congress has promised that they will have a bill ready for the President to sign by July 4th.

If you are facing mortgage difficulties and would like to discuss your personal situation in more detail, contact me today at 301-343-7671 or email me at jnewman@kwflagship.com