What to Do to Stop Foreclosure If You are Unemployed

If you want to know what to do to stop foreclosure if unemployed then this article will give you some advice. If you are unemployed then it's very likely that you've defaulted on a couple of payments already. Since you can't afford the monthly payments anymore then home loan modification is your best option.

There are certain conditions that you need to meet to be able to qualify for a home loan modification. You will have to supply information on your cash flow statements for at least the last 6 months. It's likely that you could be required to produce your tax receipts. This information will help decide how much of a risk you are. To be able to qualify you need to be able have some sustainable income.

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The reason you need to have a sustainable income is because loan modification is about a change in the original loan agreement to get then monthly payments reduced. The idea is to get the payments down to a level that you can afford. So if you cannot afford to pay anything at all other options are what you should be looking at. So what to do to stop foreclosure if unemployed; get a sustainable income.

However if you can afford a monthly payment that's lower than what you are supposed to be paying then you can negotiate for a new arrangement. You could get the interest the lowered even up to as much as 2%. If after the interest has been lowered the payment is still unaffordable then you can ask for a longer payment period or a reduction in part of the principal debt.

Negotiating these terms and conditions might be a difficult for you to achieve and you could end up losing your house. .If you want to keep your home then get people who will guarantee you and come up with terms that your lender will also be able to agree. That is what to do stop foreclosure if unemployed.

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