It is actually almost impossible for you to refinance your home mortgage if you are currently unemployed. There is not one lender that I know of on the face of the earth that will offer a loan on real estate to a borrower without a job or income coming in.
But there are few options that are available to you to save your home. What you need to do is called a forbearance or loan modification. However, the sad fact is many lenders simply are just not offering any help to homeowners who lose their jobs because they figure that the borrower may never get a job and why waste time and money helping a lost cause? Yes, this is the reality of our economy and foreclosures.
My best advice for those that lose their jobs are to just hope for the best and plan for the worst. It is all about back up plans and taking action.
Most often, if you have lost your job , your mortgage servicer will offer what is called a forbearance. This is just some type of temporary agreement or repayment plan that deviates from your current mortgage. Kind of like a side deal to your current contract with your lender. They may offer a 90 day grace period and waive monthly payments for 3 months until you locate employment or something of the sort.
A loan modifications is when you negotiate with your current lender to reduce your interest rate for some type of hardship you may be facing. The good news is that this website is dedicated to helping homeowners who cannot refinance and need mortgage help. We have helped over 300 homeowners save their home and we have over 19,000 homeowner members just like you that you can share your story with.
Here are some resource links for you to learn and explore your options:
What to expect when you apply for a loan modification
How to negotiate a loan modification
Loan modification pros and cons
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