One of the main ways how a person is going to be able to get into a loan modification plan is if that person has a substantial financial hardship. One of the most common hardships is that of unemployment. Unemployment is something that can be unwarranted or unexpected. It will cause a person to lose one’s ability to pay off a mortgage. 1st Foreclosure Prevention and other loss mitigation specialists can help to stop a foreclosure for any person who is unemployed.
Many agencies like 1st Foreclosure Prevention will be willing to handle mortgages that are held by people who have become unemployed. This is beneficial in that some agencies have had concerns with regards to unemployed people. They have been concerned with whether or not people who are unemployed are actually going to be able to pay off their mortgage payments even after a mortgage has been modified.
Fortunately the United States government has been working with a number of programs to help support lenders and borrowers in cases of unemployment. These programs can work to ensure that parts of a person’s mortgage can be paid off in the event that a modification to stop a foreclosure is used. This is used as a means of making it easier for a person to afford one’s mortgage even in the event that one cannot get the money that is needed to pay it off.
It will be best to make sure that a person who is unemployed is able to find a new job as quickly as possible. Lenders who work to accept loan modification deals will need financial pieces of data that a person has to be updated on a regular basis. A person will usually have to update one’s data on a monthly basis. This is something that will be handled during the trial period of a modification. This period can last for at least nine months.
After the trial period of a loan modification ends the person who was unemployed should have able to get a new job. A person who is not able to receive unemployment benefits or have a new source of income from a new job will usually be denied the ability to handle a loan modification. This is due to the risk of a person being unable to pay off the loan. This is a very real risk to watch for.
Of course there are some cases where a person can get into a short sale. However, the risk of a short sale can be difficult for a number of reasons. A person will not only get a lower value off of one’s home but also tax and credit rating concerns.
A loan modification agency like 1st Foreclosure Prevention will be able to help a person who is unemployed to get a good modification on one’s mortgage loan. This is used to ensure that a person is going to be able to handle a good loan. However, there are some limits to watch for.
Contact : 1st Foreclosure Prevention
[email protected]
Contact No: 302-358-2610
Fax: 302-358-2626
http://www.1stforeclosureprevention.com
Address: 3422 Old Capitol Trail, #1371, Wilmington, Delaware 19808
