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Recoup remodel costs through mortgage?

My husband I just finished paying off a major remodel on our house which we bought 2 years ago. We put 20% down and had/have excellent credit scores. Not wanting to take out more loans, we spent a good deal of our savings on the remodel. Three months ago, I was laid off unexpectedly, and yesterday, my husband learned that his position will lose funding in December. With the current job market, it's hard to be optimistic. How can our lender help us be sure we are able to pay our mortgage going forward? Will refinancing help? The appraisal should go up significantly... should we take out a home equity loan? Thanks. 
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October 13 2011 - Boston
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Will your husband's income be sufficient to carry the mortgage payment for a refinance?  If so, I would say refinancing or getting an equity loan would be the best resolution.  The problem with Rudy's suggestion to attempt a modification is that the banks take forever and if your husband loses his job in December, as expected they will not approve a modification (likely) because neither of you will have an income.  Of course,   the fact your husband has received notification of ending of funding may impede refinancing, so a modification may be your only option.  Best of luck.
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October 13 2011
First step: Talk to your your lender on your 1st about a loan modification. You have a hardship with the loss of YOUR employment.

Happy funding, Rudi
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October 13 2011
 
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