Bad Credit Mortgage Refinance – Can the Unemployed Refinance?
Posted on | September 23, 2009 | 1 Comment
Getting a bad credit mortgage refinance can be extremely difficult and it can be even more challenging if you are unemployed. The unemployment rate is getting dangerously close to double digits and most economists have conceded that this will happen. President Obama has also made the statement that double digit unemployment is almost inevitable. The economy seems to be getting better but we are still going to have to deal with rising unemployment for quite some time.
With this being the case, can home owners get a bad credit mortgage refinance if they are unemployed. That question can only be answered when the specifics of each situation are given. Every home owner is in a different situation and mortgage lenders might have a program for your particular situation. Being unemployed you should have plenty of time to do research. A job is the first thing you should be looking for but after the job search has ended you should research lowering your mortgage rate.
The Making Home Affordable website has plenty of information available for loan modification programs. If you are unemployed and seeking a loan modification this is the first place I would suggest looking. You could dig through this website for days and still not get all of the information out of it. If there is an answer that you need this would be the first place to look.
If the depth and financial jargon is a little bit overwhelming to you I would suggest contacting a HUD representative. These representatives are free and they can better explain the entire program in plain English. They may also bring up some options that you have that you may not have known about. The HUD website is extremely helpful and I would suggest you talking to a representative to see if they can assist you in your situation.
One of the best things you can do to better your situation is to do research. Although you may think it is pointless and there is no way out of your situation you might be surprised at how many programs the government has created to help you stay in your home. Going through a foreclosure could set you back almost a decade financial and you do not want to go through that trouble.
Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below. We offer information on everything from getting a lower mortgage rate to increasing your credit score.
Author: Tiffany Mann
Comments
One Response to “Bad Credit Mortgage Refinance – Can the Unemployed Refinance?”
Leave a Reply
September 25th, 2009 @ 3:46 pm
Getting a bad credit refinance is very understandably difficult. This is true from both the consumer and mortgage lender perspective. Each situation is unique and should be viewed as such. Also factors such as; loan to value, appraised value, property location, other assets and future employability really come into play. Our website http://www.AboutYourMortgage.com provides homeowners unbiased mortgage information and priority access to their mortgage servicers to discuss their individual circumstances and as importantly for an unemployed borrower various modification options. I encourage you to visit our new free to the consumer site today to learn more.