Loan Modification For Unemployed Workers

It came out unnotice today a proposal from HOPE NOW Alliance to consider the benefits received by an unemployed worker to be used to determine eligibility for a loan modification under the Making Home Affordable program (HAMP). The process would be streamlined with the several government agencies to verify the benefits. With unemployment that will rise to double digits, this could be a major bump to the recovery. However what will happen once the benefits are over and the homeowner has not found a job yet?
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Comments

  • What about doing a Forensic Home Loan Audit then when audit report finds all violations, mistakes and fraud. Then use for the uneployed or under employed non traditional income like unemployment benefits, rental of bed rooms or side jobs?
  • I tried helping a client with a loan modification, The bank agreed to the term but gave him the condition that he must make 3 consecuitive payments at the new monthly amount before they can approve the modification, after he made the third payment they sold the loan to another bank and now the new bank told my client that he needs to re-apply for the loan modification and has to pay the original monthly payment not the modified amount.
  • This picture tells a hundred stories.
  • I have a client that has been in the construction trade for 20+ years, currently on unemployment & current on mortgage. He does side small jobs, a loan mod to lower his payments would work for him, and so far the bank won't talk to him because he is not "employed" Many homeowners may be under-employed or self employed, and this plan might help.
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