Getting A Loan Modification While Unemployed - How It Is Done
It used to be a basic expectation if you were applying for a loan
, you had to be employed. Today, in a time of economic unrest and government support offered to lenders, there is a lot more leeway when it comes to giving loans, and unemployed applicant may find themselves approved.
Job lose is much more common and homeowners who are unemployed are wondering if their applications for loan modification will be approved. Actually, it is more difficult for unemployed homeowners to have their loans approved by lenders and the difficulty increases the longer the homeowner has been without work.
If you are unemployed and you need a loan modification in order to keep your family in their home, you are not alone. In the United States unemployment is on the rise and the entire country is feeling the effects. You are fearful of foreclosure. There are options available to you. Since unemployment is such a common occurrence, the Home Affordable Program strongly encourages banks to work with homeowners.
The truth is that mortgage lenders are mainly concerned with your debt to income ratio as the determining factor in getting a loan modification. You will have a better chance of getting approved if you are getting unemployment checks. If you do are not getting any compensation, you still have a chance.
It might be beneficial to wait to apply for a modification until you at least have something hopeful in the future or have had a job interview. The lender is already losing money when a loan modification is granted and if there is suspicion that you are not going to be able to pay your mortgage, the bank will be very hesitant. You can apply for a modification up to 30 days before the foreclosure date, so if you wait a little while, you might improve your chances.
Rarely a lender will approve a loan modification while the homeowner is unemployed. When this happens, the homeowner has met the qualifications set by the bank to a T and has an excellent work history. Your chances of this happening are much better if you have worked for a company for a long time than if you worked there for only a few months. Work history is as important to the bank as it is to future employers, as it directly affects the possibility of getting a new job.
Whatever you situation, if you are unemployed, being approved for a loan modification is not going to be easy. Even unemployment checks may not meet the requirements of your lender. In normal circumstances it is difficult to get a loan modification approved, without a job, it is even harder. You can always try; you never know what is going to happen.
by: kamanalia
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