Unemployed? You May Quality for Mortgage Assistance

April 1, 2010 - Boston - Reactions around Massachusetts are mixed when it comes to the Obama administration's new plan to give more housing assistance to unemployed homeowners. Last week, the federal government announced that it would extend mortgage assistance to unemployed homeowners for three to six months.

According to reports in The Boston Globe, unemployed homeowners would receive a reduction in their mortgage payment for three to six months as long as their mortgage is less than $729,000 and they are receiving federal unemployment benefits. The new payment must be less than 31% of their monthly income. Some community groups in Massachusetts, including the Massachusetts Communities Action Network, tell The Boston Globe that three to six months isn't long enough.

There's no word on when the assistance will take effect. Like any plan administered by a banking institution, there will also be opportunities for delays and stall tactics that may prevent homeowners from taking advantage of this new assistance. If you are experiencing any of these delays or think you may be a victim of wrongful foreclosure, you should contact an experienced Massachusetts class action attorney right away.