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 modification.
- You obtained your mortgage on or before January 1, 2009.
*Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for UP.
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. Please contact your mortgage servicer to see if you are eligible.
For More Information
If you have additional questions about getting mortgage help, contact one of our housing advisors at (888)995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.
Program Dates
Effective Aug. 1, 2010 – Dec. 31, 2012.
