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Week ending March 27 had 6, 000 fewer initial jobless claims

According to the U.S. Department of Labor there were 6,000 fewer initial claims for unemployment benefits in the week ending March 27, 2010 than there were in the previous week.  However, Missouri saw an increase in jobless claims of +792.  While the metropolitan Kansas City area unemployment rate has been running consistently less than the national average, it will be a few weeks before we know how many jobs were lost in our area in the month of March.

Homeowners who find themselves unemployed and unable to make their house payment may find help from the Home Affordable Modification Program enhancements announced on March 26, 2010.  The government website states:  “Unemployed borrowers meeting eligibility criteria will have an opportunity to have their mortgage payments temporarily reduced to an affordable level for a minimum of 3 months, and up to six months for some borrowers, while they look for a new job. If homeowners don’t find a job before the temporary assistance period is over or if they find a job with a reduced income, they will be evaluated for a permanent HAMP modification or may be eligible for HAMP’s alternatives to foreclosure program.”

HAMP is just one of two parts in The Homeowner Affordability Stability Plan announced by President Obama in February of 2009.  The Homeowner Affordability Stability Plan has two sides, loan modification (HAMP) or refinance (HARP) option.  HAMP and HARP were designed to help families stay in their homes.

On April 5th, 2010 an enhancement to the Home Affordable Foreclosure Alternatives Program (HAFA) will be launched.  HAFA provides other options homeowners and lenders may pursue to avoid costly foreclosures.  For homeowners who have been unable to fit into the other programs, and unable to sell their home, HAFA is the best most affordable option for a short sale.

However, as the rate of unemployment continues to decline, homeowners may find ways to help themselves without government intervention.

Comments

  • candidaiona 4 years ago

    Under fire to do more to stop the foreclosure crisis, the Obama administration announced new mortgage modification steps on Friday to help the unemployed and those who are "underwater" with a bigger loan than their home is worth, Contact us to find how much we can reduce your monthly mortgage payment www.bit.ly/cHVgxN it is free to find if we can reduce the payment

  • guest 4 years ago

    PLEASE I THINK EVERYONE KNOWS THEY HIRED OVER A MILLION PEOPLE FOR THE CENSES JOB, IT WILL END IN MID SUMMER,, SO JOBS ARE STILL NOT HAPPENING, WE WILL GET A BOOST FROM THE CENSES JOBS, BUT THEY ARE ONLY TEMPORARY.

  • GUEST 4 years ago

    well being everyone has lost their jobs, how could it not go down

  • sandraroll 4 years ago

    Need a job? With new Obama Health Care Plan, we are going to insure additional 33 Million people. There is going to be huge demand for Medical Assistants, Medical Billing, Medical Coding, Pharmacy Assistant & Pharmacy Technician across the nation. We can help you get a training during weekends and evenings and get a degree in few months. With the degree finding a job will be easy, contact for more information at www.ow.ly/1sk3M this is your chance

  • Ben 4 years ago

    Just because initial claims are down, does not mean that unemployment decreased.

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