Got laid off... - Loan Modification Forum

Marc Doche · 01-28-2009, 10:06 AM

I got laid off and my wife does not work either. Looks like we'll be getting some unepmloyment but I've heard that may not be enough to qualify for a loan mod. I've also heard of banks offering suspension of payment if there is no income but I'm not sure how true this is. We do have a decent amount of reserves that could get us by for a while. Any insight is appreciated. Thanks.

Moe Bedard · 01-28-2009, 02:30 PM

Hi Marc,

Welcome to the forum and thank you for joining................

You would need to contact the lender and ask what the options are for a modification or a forbearance and if they will accept unemployment benefits as income................most do not because it is not consider stable income............but you can call and ask.

01-28-2009, 10:06 AM	#1 (permalink)
Marc Doche Junior Member Join Date: Jan 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Got laid off... I got laid off and my wife does not work either. Looks like we'll be getting some unepmloyment but I've heard that may not be enough to qualify for a loan mod. I've also heard of banks offering suspension of payment if there is no income but I'm not sure how true this is. We do have a decent amount of reserves that could get us by for a while. Any insight is appreciated. Thanks.

01-28-2009, 02:30 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Got laid off... Hi Marc, Welcome to the forum and thank you for joining................ You would need to contact the lender and ask what the options are for a modification or a forbearance and if they will accept unemployment benefits as income................most do not because it is not consider stable income............but you can call and ask. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode