Looking for some advice - Loan Modification Forum

randall81 · 03-18-2009, 06:11 PM

I am looking for some advice regarding qualifications for the Obama Home Affordability and Stability Act.

My story is, my wife and I bought our first home in July, 2008. In January, 2009 the company I work for decided to cut out all my benefits

and moved me to independent contractor status. Long story short, I went from a salary job to now only making $1000 - 2000 a month. Luckily we have had some savings and our tax return to live off of but that is slowly dwindling away.

Right now we are current on our payments but may not be able to pay next month.

I have been looking into the qualifications for the "Obama plan" and am hopeful that this could be a good thing for my family. My one concern is that I still do not have a stable job and my income is extremely low compared to what I used to make. Is my income being so low something that would disqualify me for a loan modification under this new Act?

Thanks

gray517 · 03-18-2009, 09:11 PM

here is some information on the new Govt Plan

FinancialStability.gov

03-18-2009, 06:11 PM	#1 (permalink)
randall81 Junior Member Join Date: Mar 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Looking for some advice I am looking for some advice regarding qualifications for the Obama Home Affordability and Stability Act. My story is, my wife and I bought our first home in July, 2008. In January, 2009 the company I work for decided to cut out all my benefits and moved me to independent contractor status. Long story short, I went from a salary job to now only making $1000 - 2000 a month. Luckily we have had some savings and our tax return to live off of but that is slowly dwindling away. Right now we are current on our payments but may not be able to pay next month. I have been looking into the qualifications for the "Obama plan" and am hopeful that this could be a good thing for my family. My one concern is that I still do not have a stable job and my income is extremely low compared to what I used to make. Is my income being so low something that would disqualify me for a loan modification under this new Act? Thanks

03-18-2009, 09:11 PM	#2 (permalink)
gray517 Senior Member Join Date: Nov 2008 Location: Florida Posts: 627 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Looking for some advice here is some information on the new Govt Plan FinancialStability.gov

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