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i just lost my job, have an upside down loan, and have some pension to roll over. what do I do?

  • July 05 2009 - Fairfield
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Answers (8)

In regards to your mortgage, take a few minutes to review a new resource that was just launched today by the FDIC entitled the Foreclosure Prevention Initiative. This will help clarify all the options that have been legislated with in the past year.

In regards to your pension, you should discuss this with your financial advisor and your accountant. Understanding the income and tax ramifications of a withdrawal or liquidation could impact your ability to qualify through any of the government programs for your mortgage.

Most importantly, keep you head high as all things will pass. God Bless.

  • September 16 2009
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Christopher Wilson is wrong. Please do not take any of his suggetions.
Unemployment income can not be used. Try to get a job, grin and bear the payments and if you go for the modification, be prepared with patience and hope for the best. When you get a new job and receive your first check, an upside down loan will be available until 125% of your value when that new guideline kicks in, currentlly the upside down guideline is 105%. Chapter 13 bankruptcy is an option. You need to make your monthly payments either with-in the 13 if so structured and if not then the past due payments can be rolled in but not the monthly payments.
  • September 16 2009
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We have accepted applications for modifications from people in your situation. You may not be working, but if there is enough income from other sources to prove to the lender that a modification would not be a waste of time they will be more apt to work with us in the negotiation process. We never turn someone down before checking into every possibility to present to your lender. We have had a lot of success in being creative with our presentations to them and this is what sets us apart from others that would just turn you away. Don't count yourself as impossible just yet!
  • September 16 2009
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Shop around.

You can definitely do it yourself. The only problem is that most people do not understand what the banks are looking for, how to submit your file, and who to talk to. Your unemployment income can be considered verifiable income. I know indymac does not accept it just from what we have been doing, just FYI.

If you are contemplating using a company to handle your modification, make sure you are paying for licensed attorneys, get a 100% money back guarantee, and they will run a forensic loan audit on your loan documents. It really comes down to what you want out of the process. Is it worth paying someone to handle it or can you tough it out and move through this rough time? Also, you can check out HUD for assistance and do a lot of research. There are numerous articles online about modifications. Check them out and figure out your best option.
  • July 07 2009
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Please feel free to e-mail me so I can review your options at no cost or obiligation to you.

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  • July 07 2009
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If you are collecting unemployment income, you may be able to qualify for a loan modification.  If you dealt directly with your lender, most likely they will tell you that you don't qualify.
  • July 07 2009
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Hi,
It might be difficult to get a modification since you are currently unemployed.  However, many lenders are now offering a temporary forbearance in which they will suspend your mortgage payments for 2-3 months while you are looking for work.  Check with them and ask what kind of programs they offer for people in your situation.

Once you are employed again, you should consider a loan modification.
  • July 07 2009
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contact your lender immediately and ask if they offer modifications.
  • July 05 2009
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