Behind on mortgage and unemployed, HELP!
If I owe $332,954 and the market value is $289,000 and I'm behind 5 months on my mortgage, are there any options I might be able to help me out of this mess? I lost my job back in April and I will hopefully be employed again come December. by jayson_780_467 from Boston, Massachusetts. Oct 25th 2011
George DeVIne (gdevine)
#7 ranked lender in Rhode Island - 46 contributions
Unfortunately, you won't qualify to refinance your mortgage. I believe the only option is to request a loan modification from your current lender. They will want to see that you have sufficient income to make the new mortgage payment.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Although you are only a little upside down, that fact that you have missed the last 5 payments makes you ineligible for any of the refinance programs. Before a lender will consider a modifiction, they will want to see that your income will support the proposed lower payments. This means that you must have a job first. Unfortunately it may be too late by December. I wish you luck in your job search.
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