Posted on: 29th Jan, 2011 09:27 pm
I have also been placed in a loan forberance program with Wells Fargo! Now I am scared reading all of your nightmare stories! What if you don't have a job when the 3 month forberance is up? I receive unemployment and was told that it was not considered income. How do you qualify for a loan modification? Please give me some advice before May! I need to know what to expect? Thanks in advance.
Unless you have a job, you won't be able to get a loan modification. The lender will want to check whether or not you have a job in order to pay off the loan after it's modified. A forbearance is provided expecting that you will be able to get a job within the 3 month period.
Tonga, unless you see employment in your near future, it's time to think about your next step.
Once your forbearance period is over, you should apply for a HAMP loan modification. If your income situation does improve by then, you may be able to keep your home.
If not, it's time to think about the next stage of your life. Denial for a HAMP modification carries with it a HAFA short sale approval, which will allow you to leave your home with dignity intact and get prepared for possibly buying a home in three years.
A HAFA approval releases you from all contingent liability, for deficiency judgments and taxes. Plus a HAFA approval allows for up to $3000 to you for moving and transition expenses.
Good luck!
Once your forbearance period is over, you should apply for a HAMP loan modification. If your income situation does improve by then, you may be able to keep your home.
If not, it's time to think about the next stage of your life. Denial for a HAMP modification carries with it a HAFA short sale approval, which will allow you to leave your home with dignity intact and get prepared for possibly buying a home in three years.
A HAFA approval releases you from all contingent liability, for deficiency judgments and taxes. Plus a HAFA approval allows for up to $3000 to you for moving and transition expenses.
Good luck!