Posted on: 13th Jun, 2013 12:30 am
I have no job but my wife is employed. I have around $10,000 in savings. Will I be able to get a loan modification?
Hi Bobby,
If the loan is solely in your name, then, it will be difficult for you to get a loan modification as you are unemployed. Lenders do not agree to modify loans for unemployed people as there is no guarantee whether or not the borrower will be able to pay off the loan after modification.
Take care
If the loan is solely in your name, then, it will be difficult for you to get a loan modification as you are unemployed. Lenders do not agree to modify loans for unemployed people as there is no guarantee whether or not the borrower will be able to pay off the loan after modification.
Take care
Yes, you must get a job first and then apply for loan modification. Moreover, reduce using your credit cards so that your debt-to-income ratio does not go beyond the permissible limit.