Sacramento Short Sale Information - Avoid Foreclosure - Se Habla Español
If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for UP. UP provides a temporary \ reduction or suspension of mortgage payments for at least three months while you seek re-employment.
Eligibility
You may be eligible if you meet all of the following:
- You are unemployed and eligible for unemployment benefits.
- You occupy the house as your primary residence.
- You make your request for help before you’ve missed three payments.
- You have not previously received an UP forbearance or HAMP SM modification.
- You obtained your mortgage on or before January 1, 2009.
Program Availability
- More than 100 HAMP-participating servicers are required to offer UP to eligible unemployed homeowners.
- You may be required to make a partial payment not to exceed 31% of your monthly gross (pre-tax) income including unemployment benefits.
- You will be evaluated for HAMP at the end of your UP forbearance plan.
UP is not currently available for homeowners with mortgages held by Fannie Mae and Freddie Mac; however, both have their own forbearance arrangements for unemployed homeowners.
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