Modify Loan without income

[kaiotes]

Topic 1
I have a question regarding modifying loans.I purchased my property about three years ago they has been sold to various banks it currently resides with MetLife.
I have made payments in full on time each month. My credit score is 760+. I am never late with any of my payments. My problem is I lost my job a few months ago I am currently on unemployment benefits. My rate at the time was 5%+

In addition my property has some litigation going on, due to this even if I were employed no bank would touch it.
Since the current rates are at 3.xx%, I could use a lot of savings from a modification. I have plenty of savings so the issue of paying my mortgage is not at big deal but I would like my interest rate to be reduced.
my loan balance is about 200K, condo value is about 300K.

my loan was not qualify for the harp program due to the purchase date of sep 2009.

how would a modification work with MetLife will there be negative comments on my credit report? Under what circumstances would they be willing to reduce my interest rate?

Topic 2:
I was able to get some information from a Realtor who lives in the building who stated that there was a local bank was willing to provide refinancing. Since I do not have income I would not qualify for it. If I get my parents to cosign will that take care of the income issue?

thank you

[Evan Bedard]

my loan was not qualify for the harp program due to the purchase date of sep 2009.

how would a modification work with MetLife will there be negative comments on my credit report? Under what circumstances would they be willing to reduce my interest rate?

Welcome and thanks for joining the community.

Unfortunately, it will not be possible to obtain a permanent loan modification if you are currently unemployed. Since you are now collecting unemployment the only type if assistance that may be available is a temporary payment plan such as a forbearance that will allow you to make reduced monthly payments for a period of 6-12 months. Also if you were to apply for a loan mod at this time they require bank statements as well as paystubs and if you show a significant amount of savings in the bank they may turn the modification down for that reason alone.

I was able to get some information from a Realtor who lives in the building who stated that there was a local bank was willing to provide refinancing. Since I do not have income I would not qualify for it. If I get my parents to cosign will that take care of the income issue?

Even if your parents did co-sign on the account you will still need to prove a source of income to qualify for the refinance.

[kaiotes]

if i were to receive an offer letter and start my job how long do i need to be employed to qualify for a refinance (with or without cosigner) and what are the monthly income requirements?

I have 50K cash in my bank account +
more in my brokerage account. However I am not looking for forbearance. I just learned metlife no longer do modifications.

Welcome and thanks for joining the community.

Unfortunately, it will not be possible to obtain a permanent loan modification if you are currently unemployed. Since you are now collecting unemployment the only type if assistance that may be available is a temporary payment plan such as a forbearance that will allow you to make reduced monthly payments for a period of 6-12 months. Also if you were to apply for a loan mod at this time they require bank statements as well as paystubs and if you show a significant amount of savings in the bank they may turn the modification down for that reason alone.



Even if your parents did co-sign on the account you will still need to prove a source of income to qualify for the refinance.

[Evan Bedard]

if i were to receive an offer letter and start my job how long do i need to be employed to qualify for a refinance (with or without cosigner) and what are the monthly income requirements?

I have 50K cash in my bank account +
more in my brokerage account. However I am not looking for forbearance. I just learned metlife no longer do modifications.

I'm not sure why they told you they do not offer loan modifications when their website states that homeowners may be eligible for assistance under HAMP. You are right about the forbearance it is only temporary assistance and will provide no relief in your situation. How long ago did you receive your last paycheck and begin unemployment?

Options to Stay in Your Home | MetLife Bank

[kaiotes]

I would not qualify for HAMP due to sep 09 purchase date.
I started unemployment in April 2012.
I was at the site you listed below before I called them. I could call again but the two people I talked to said they no longer offer modificaiton options.

I called Citibank just now (hold time of 30min) their underwriter said i could get a cosigner as long as they meet debt to income ratio and it would be treated as an investment property.

My lender options are limited due to ligitation of my property by my HOA. I am waiting for the lender that the Realtor had mentioned to open to see if I would qualify. I would love to go w/ citibank or any bank who would provide financing at today's rates. I tried to refinance when i still had paystubs but got rejected due to litigation issues.