In the past, consideration for a loan modification absolutely required you to be employed. However, this is no longer the case, as lenders are legally becoming more lenient with unemployed homeowners as we experience a struggling economy.
As unemployment continues to rise, homeowners are worried that being unemployed may prevent them from receiving loan modification approval. This isn't far from reality, as lenders are reluctant to accept modification applications from unemployed homeowners, especially those that have been jobless for a long period of time.
fast cash payday loan, payday cash advances, fast cash payday loan,
You are not alone as you desperately try to acquire a modification to save your home. The effects of unemployment extend beyond those who hopelessly try to keep their residence. With the U.S. unemployment level at an all-time high, foreclosure may be closer than you think. However, the Home Affordable Program has made modification attainable for unemployed homeowners like you as lenders have been forced to be more reasonable.
In order to determine whether they will honor your modification request, mortgage lenders look at your debt to income ratio. In addition, receiving unemployment benefits will give you a leg up in negotiating new terms for your loans. Yet, without receipt of unemployment benefits, modification is not impossible.
Your chances of modification approval increase if you have a stable source of income. An unclear financial future discourages lenders from approving any loan modification request, especially since lenders lose money on this type of transaction. So even a month before your scheduled foreclosure date, do not hesitate to apply for loan modification, as it is beneficial to apply with a promising financial future.
Another type of financial security that can increase your chance of approval is an almost pristine work history as long as you strictly meet other qualification criteria set by the lender. In this rare case, your request for loan modification can be approved while unemployed. For example, your request is much more likely to be approved if you previously worked at a company for a couple of years than the request of a homeowner who has only worked at their current job for a couple of months. This prospect of future employment can be a huge plus for your application.
Regardless of your situation, the difficulty of getting a loan modification while unemployed is unavoidable. Sometimes, unemployment benefits may not even be good enough for your lender. Trying to acquire loan modification as an unemployed homeowner only enhances the difficulty of having your loan modification application approved. But as mentioned before, there is hope for you.
$ 1500 Cash Fast In Minutes. Bad Credit? No Problem! Approved Instantly. Get Cash Fast Today!
Rating of payday loans lenders only
Get Online Application at online payday loans.
0 comments:
Post a Comment