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Can I refi if my husband has been out of work for more than 6 months. Unemployement gives him $410

  • June 25 2009 - South Elgin
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Answers (7)

Are you still looking at options.  Some recent changes may help with the refi.  Tom 630-550-2656  or t.rydberg@gofcm.com
  • June 02 2010
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A Re-Fi depends on alot of things: your credit score, the value of your home in relation to what you owe, and your ability to pay. If unemployment is your hardship you may have more luck with a modification, as the previous poster said. Before you pay anyone to help you obtain a loan mod though, I'd definately say try to do it yourself. I am actually a loan mod professional and I always tell my clients that IF THEY HAVE the time (and if ur hubby is unemployed he probably does) you should be trying to modify on your own. Search the web for the 'loss mitigation' numbers of your mortgage servicer and read up on the MHA guidelines. Some mortgage servicers WILL accept unemployment however its up to the bank ultimately. Focus all your energy on him getting a new job(even if its a minimum wage one) because ANY income is preferred over unemployment benefits.
  • June 26 2009
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" ...  there are few ways around the unemployment this possibly also.  If you have any questions feel free to call me ..."

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  • June 25 2009
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There are alot more questions that are relative in this scenario. What is the hardship? Does he plan on finding another job? When? Is this a 2 income household? What is the DTI?? Bottom line contact a professional and get them the documents they need i.e. bank statements, pay stubs, financial break down of all expenses and let them determine the possibility. I refer my business to an attorney who is a real estate broker as well and specializes soley in loan mods.
  • June 25 2009
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You can do a loan mod or there are few ways around the unemployment this possibly also. 

Bobbi

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  • June 25 2009
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Do you have an FHA loan?
  • June 25 2009
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Hi,

Sorry about your situation. 

Most Lenders require the Borrower to be in active employment at the time of closing, so you might not be able to refinance.Have you tried getting a modification?  You should definitely try and work with your bank.

Good luck,

Nike
  • June 25 2009
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