Posted on: 24th Feb, 2009 10:18 pm
Ex and I (not married) are approaching a foreclosure in southern california.We put down equal money on the house and own it 50-50. Ex soley lives in our house. I made payments for over a year while trying everything to resolve our house (sell, rent out, buy out, etc.). Once I stopped making payments so did my ex. We are now facing foreclosure.
I just got laid off from my job.
- With the new Obama plan, does this mean our lender will re-write the loan based on 31% of the one income?
- Will the loan still be in both our names?
- Would I have to inform our lender when I get a new job?
- When I get a new job, would that affect that loan? Would we have to reapply for a new loan?
Thanks for any information and advice.
I just got laid off from my job.
- With the new Obama plan, does this mean our lender will re-write the loan based on 31% of the one income?
- Will the loan still be in both our names?
- Would I have to inform our lender when I get a new job?
- When I get a new job, would that affect that loan? Would we have to reapply for a new loan?
Thanks for any information and advice.
hi guest,
you can contact the lender and check out the option of a loan modification. in this process, the loss mitigation department of the lender will give you a new repayment plan through which you will be able to pay off the dues.
if you are going for a loan modification and not a refinance, then both of you will have your names on the loan. you can inform the lender when you get a new job. once you get a new job, i don't think you will have to reapply for a loan.
thanks.
you can contact the lender and check out the option of a loan modification. in this process, the loss mitigation department of the lender will give you a new repayment plan through which you will be able to pay off the dues.
if you are going for a loan modification and not a refinance, then both of you will have your names on the loan. you can inform the lender when you get a new job. once you get a new job, i don't think you will have to reapply for a loan.
thanks.
Does anyone know for sure about what would happen, if anything, with a loan modification due to job loss when I get another job? See original question/post.
Also, does anyone know if ex can apply for and receive a hardship loan on his own based on separation hardship, as he is not able to make the full mortgage payments on his own. I would think lenders would be willing to do anything these days to keep homes from foreclosing. It's not that he can't put a decent amount toward the mortgage.
Thanks
Also, does anyone know if ex can apply for and receive a hardship loan on his own based on separation hardship, as he is not able to make the full mortgage payments on his own. I would think lenders would be willing to do anything these days to keep homes from foreclosing. It's not that he can't put a decent amount toward the mortgage.
Thanks
please don't post the same question more than once. it's not useful, it's confusing, and much more.
George,
I didn't repost intentionally, it was suppose to go to the attorney on this site and somehow ended up back in this forum. In any case, my question wasn't answered. Does anyone know for sure about what would happen, if anything, with a loan modification due to job loss when I get another job? See original question/post.
Also, does anyone know if ex can apply for and receive a hardship loan on his own based on separation hardship, as he is not able to make the full mortgage payments on his own. I would think lenders would be willing to do anything these days to keep homes from foreclosing. It's not that he can't put a decent amount toward the mortgage.
I didn't repost intentionally, it was suppose to go to the attorney on this site and somehow ended up back in this forum. In any case, my question wasn't answered. Does anyone know for sure about what would happen, if anything, with a loan modification due to job loss when I get another job? See original question/post.
Also, does anyone know if ex can apply for and receive a hardship loan on his own based on separation hardship, as he is not able to make the full mortgage payments on his own. I would think lenders would be willing to do anything these days to keep homes from foreclosing. It's not that he can't put a decent amount toward the mortgage.
Hi Guest,
Your query has been answered in the given link:
http://www.mortgagefit.com/california/modify-loan.html#79388
Please check it out. I hope it will help you.
Thanks
Your query has been answered in the given link:
http://www.mortgagefit.com/california/modify-loan.html#79388
Please check it out. I hope it will help you.
Thanks