All Entries Tagged With: "loan modification"

Getting A Loan Modification While Unemployed – How It’s Done!

It used to be a basic expectation if you were applying for a loan, you had to be employed. Today, in a time of economic unrest and government support offered to lenders, there is a lot more leeway when it comes to giving loans, and unemployed applicant may find themselves approved.

Job lose is much more common and homeowners who are unemployed are wondering if their applications for loan modification will be approved. Actually, it is more difficult for unemployed homeowners to have their loans approved by lenders and the difficulty increases the longer the homeowner has been without work.

How to Improve Your Chances of Qualifying for a Mortgage Loan Modification

If you are trying to find a way to avoid foreclosure, you might be available to lower your monthly mortgage payments through a loan modification. Under the current federal government’s plan, there are several programs available to homeowners who qualify for loan workouts. This is estimated to have with as many as 5 million homeowners! How do you find out if you are eligible? Here are some guidelines on the qualifications and how to apply for a loan workout with your lender.