Unemployed,current on mortgage. we want to re-fi.

Judy, After March 15th, when the newest version of Harp officially goes into effect;there is a good chance that they will extend the current limitation of Fannie Mae owned loans secured prior to May of 2009 to July of 2009. You will still need to have a guaranteed source of income to qualify for repayment though. Suzi Boyle-Evergreen Home Loans 208-321-4300 NMLS #37810/3182/9040

No one can tell you what do do, but to get a loan, you must have a valid source of income to pay the loan back. The source of income needs to be sufficient enough that the lender feels you can safely afford the payments.

Hello,I would be happy to fill you in with some more info over a phone call. I think here is some basic information and questions?-What was the reason you couldn't refi when you both worked? Income, Credit, Equity?-If you go the route of foreclosing or short selling be prepared to not be able to purchase another home for at least 3 years.-Putting it on the market may not be a bad idea but it practically ruins the chance of refinancing- If one or both of you could get another full time job and have maintained your credit, your equity is there, and I can qualify you debt-to-income wise......I SHOULD be able to refi you and save you some money. The biggest thing on the outside looking is is the income. If the other things check out I should be able to at least offer some help or ideas.Feel free to call me anytime!

There is a lot of information missing... what are your credit scores, what type of loan do you have?? FHA, VA, USDA, Conventional... What is your property worth... What is your mortgage balance??.. when one of you was working, what were your ratios?? too much info missing to properly answer your question.. WilliamAcres.com

The debt to income ratio might have been to high for the banks but more info would need to be known. Some banks have over lays on the loan programs. If you went to local banks instead of a mortgage broker there might have been a lot of over lays keeping you from qualifying for the HARP. No one can tell you what you should do. If neither of you are working right now I don't anyone that will refinance you. There is a bill before Congress to help people in your situation but I feel the likely hood of it being passed is slim to none. I wish you luck with your decision. all the best. Michelle

According to the New Harp 2 guidelines, if your new payment is the same or less than what you are paying now then you don't not have to re-qualify, but you need a Job. Also you couldn't have more than 1 late in last 12 months and NONE in last 6 months.

Sorry. I see why you said you don't qualify for the HARP because of the cut off date. So your loan to value was too high for the banks. Again, all the best!