With all the fanfare surrounding the Making Home Affordable program, it’s easy to forget that one of the largest causes of foreclosure remains unaddressed–most lenders refuse to modify or refinance home loans for the unemployed, even when simply refinancing to today’s lower rates would make the loan safer. Generally, there are guidelines that require the borrower to have sufficient income to refinance or make a modified payment before being granted a loan modification. So if you lose your job you are probably out of luck–in six months when you get a new one, you may have already lost your home to foreclosure. Well, Congress is trying to help you now. Continue reading ‘Joining the Party: Mortgage Loans for the Unemployed’
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