I am currently unemployed, can I still get a loan modification?
Yes. A huge problem, especially in the Phoenix Metro Area, is unemployment. This has caused many homeowners fall behind in their payments. The problem is showing income to the bank. If you are receiving unemployment, you can show income. If your spouse is still working, that can show income. The bank wants to know that if they offer a loan modification, you will be able to make the payments.
If your income (unemployment included) shows enough money coming in to cover your monthly expenses and a reduced mortgage payment, you have a good shot of getting a modification approved. If your expenses are too tight, even with a reduced payment, they might not approve a modification for you. You have to make a monthly income, but not too much, and not too little.
If you aren’t sure how your finances are staking up, give us a call. We can have a free consultation to make sure you qualify for a loan modification. (480) 389-5199
Keller Williams Arizona Realty