We plan to file in Chapter 7 in 5 months. We are on target to be approved for the "UP" (Home Affordability Unemployment Program) starting in October which would defer our mortgage payments for 3 months. The attorney says that this should not be a problem as long as we are back to paying our mortgage by the filing date - but she said she is unsure how we would get the mortgage payments back. The UP program guidelines say that once the person regains employment then they will stop the deferment, set up a modification (reduce the mortgage interest rate) and then we would start making payments again as normal. But the problem is that we will not have found employment. Does anyone know if we can request to stop the program after the 3 months even if there is no proof of employment?
Has anyone filing for BK took part in the UP program? What is your experience?
Has anyone filing for BK took part in the UP program? What is your experience?