Posted on: 17th Jan, 2011 06:33 am
I lost my job in December but have been fortunate enough to find another one quickly. The problem is that I currently live in California and the job is located in New York where I am originally from. My current home is underwater by about $140k. I have been denied refinancing and a loan modification in the past since I had adequate emergency savings. I am assuming the same will happen if I reapply but am not sure if the new set of circumstances changes things. Can someone point me in the right direction? My previous experience with my loan servicer is leading me to believe that I will not have any options.
Some additional information:
1) I am the sole provider for a family of four (two young kids under 3)
2) My wife was employed when we originally purchased the house in 2006. Both of our names are on the loan.
3) I'm trying to avoid severe damage to our credit scores since a lot of employers look for that in background checks and we will probably want to purchase another home in NY at some point.
4) My salary at the new employer is exactly the same as my previous one so my income will not change.
In the short term, I am planning to rent the house but I would still owe 1000 - 1500 per month to cover costs.
Some additional information:
1) I am the sole provider for a family of four (two young kids under 3)
2) My wife was employed when we originally purchased the house in 2006. Both of our names are on the loan.
3) I'm trying to avoid severe damage to our credit scores since a lot of employers look for that in background checks and we will probably want to purchase another home in NY at some point.
4) My salary at the new employer is exactly the same as my previous one so my income will not change.
In the short term, I am planning to rent the house but I would still owe 1000 - 1500 per month to cover costs.
hi camosource!
welcome to forums!
you have mentioned that your current home is underwater. in such a situation, you won't be able to qualify for refinance. unless you have equity in your property, you won't be able to qualify for another mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
you have mentioned that your current home is underwater. in such a situation, you won't be able to qualify for refinance. unless you have equity in your property, you won't be able to qualify for another mortgage.
feel free to ask if you've further queries.
sussane