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