With Foreclosures still on the increase, the financial crisis is at the worst it has been. The unemployment rate is only adding to the mayhem. More people are being laid off from their jobs adding to the perpetual cycle of foreclosures.
If you are unemployed, you don't have a paycheck coming in to make your mortgage payment. If you are looking to get your loan modified, a key question is: Can I still apply for a loan modification if I have lost my job?
The answer is yes! When this crisis began, the unemployment rate was not at an all time high. It was a prerequisite for a loan modification that a homeowner was employed. Now the unemployment rate is in the double digits, lenders are faced with more and more homeowners being jobless.
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A lender still wants to see that your income will be able to support a modified payment but they are willing to be flexible. If you are unemployed you can use your unemployment benefit in place of your regular paycheck. You would send your lender copies of your benefit checks as proof of your income.
Your expenses need to be minimized in order to balance the decreased amount of income coming in. In this situation it is best to start looking for a new position strait away. It is best to wait until the last possible moment to apply for your loan modification in the hope that you will be able to secure employment in the mean time.
If the lender feels that you have another job lined up or several interviews for new positions, they are more likely to approve your loan modification.
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