Posted on: 12th May, 2009 06:29 am
My wife is getting laid off the end of this week. We have our house and a lake home we bought 3 yrs ago, which is worth about 10k more than what we owe W.Fargo. Her salary is double mine, and the only thing available for her is casual hours, meaning limited hours and on-call.
Would we qualify for a loan modification based on that?
And do I understand correctly that we won't be considered unless we are behind on payments? Why not help with lower payments before we bet behind?
Would we qualify for a loan modification based on that?
And do I understand correctly that we won't be considered unless we are behind on payments? Why not help with lower payments before we bet behind?
Hi Guest
The lender will judge your financial situation based on your hardship letter and then decide whether he would modify the loan or not. If you could prove to your lender that you won't be able to able to pay off the mortgage dues as your wife is being laid off, then he may agree to modify the loan.
Thanks.
The lender will judge your financial situation based on your hardship letter and then decide whether he would modify the loan or not. If you could prove to your lender that you won't be able to able to pay off the mortgage dues as your wife is being laid off, then he may agree to modify the loan.
Thanks.