Mortgage Loan Qualifying

For homeowners, an unexpected job loss can be a unpleasant obstacle in the way of obtaining a home loan modification due to the fact that lenders require homeowners to possess an income sufficient enough to comfortably repay a modified mortgage loan. Through the Making Home Affordable program, the federal government offers temporary loan modification to unemployed individuals to help them avoid foreclosure while seeking new employment.

Home Loan Modification for the Unemployed

Unemployed homeowners can apply for a forbearance plan through Making Home Affordable. The goal of the forbearance plan is to give the homeowner manageable mortgage payments until he can find employment. Restructured mortgage payments can continue for a minimum of three months and maximum of six months.

A homeowner who becomes unemployed and is interested in applying for a temporary mortgage loan modification while seeking new employment can check with his mortgage lender to determine whether the lender currently participates in the Making Home Affordable program. All participating lenders are required to provide unemployed homeowners who qualify with a temporary government loan modification for the maximum amount of time specified or until the individual finds new employment.

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