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Old 03-15-2012, 01:34 PM
 
22 posts, read 119,857 times
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What would be the best course of action for somebody who has a home loan, unemployed and collecting unemployment in CA:

Is it best to refinance through the current lender (can get a co-signer) or through one of the government programs under the Making Home Affordable program (HAMP, PRA, UP, etc.)? If it's a gov't. program, which one would best apply to this situation?

Also, does participating in any of these programs negatively impact you in the future? i.e., your ability to secure loans, credit, etc.?

Thanks.
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Old 03-15-2012, 01:49 PM
 
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Even if the income you recieve from unemployment and other sources would technically be enough to cover your mortgage the current environment that lenders face makes it difficult / impossible to finance / refinance. You need to have documented income that is from stable work or similar sources...
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Old 03-15-2012, 02:16 PM
 
Location: Richardson, TX
9,481 posts, read 16,247,338 times
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Quote:
Originally Posted by carol213 View Post
What would be the best course of action for somebody who has a home loan, unemployed and collecting unemployment in CA:

Is it best to refinance through the current lender (can get a co-signer) or through one of the government programs under the Making Home Affordable program (HAMP, PRA, UP, etc.)? If it's a gov't. program, which one would best apply to this situation?

Also, does participating in any of these programs negatively impact you in the future? i.e., your ability to secure loans, credit, etc.?

Thanks.
You don't say if your loan is current or if you are struggling to make the payments already. You can't get a refi based on unemployment, but you may be able to work with your servicer on a modification or other option. For example, if your loan is owned by Fannie Mae or Freddie Mac, there is an unemployment forebearance program available.
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Old 03-15-2012, 02:32 PM
 
22 posts, read 119,857 times
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Quote:
Originally Posted by chet everett View Post
Even if the income you recieve from unemployment and other sources would technically be enough to cover your mortgage the current environment that lenders face makes it difficult / impossible to finance / refinance. You need to have documented income that is from stable work or similar sources...
How difficult is it to refi with a co-signer? Thanks.
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Old 03-15-2012, 02:33 PM
 
22 posts, read 119,857 times
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Quote:
Originally Posted by Debsi View Post
You don't say if your loan is current or if you are struggling to make the payments already. You can't get a refi based on unemployment, but you may be able to work with your servicer on a modification or other option. For example, if your loan is owned by Fannie Mae or Freddie Mac, there is an unemployment forebearance program available.
Loan is current. Looking for options to save on the monthly or reduce the principal or both, but know the UE limits things. Thanks.
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Old 03-15-2012, 02:37 PM
 
Location: Richardson, TX
9,481 posts, read 16,247,338 times
Reputation: 22042
If you haven't called your servicer's loss mitigation department yet, that is where you need to start.

Do you know the investor on your loan?

If you have somebody that could be a co-borrower and qualify for the loan on their income, that is another possibility.
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