If someone refinanced their home a few months ago, but lost there job later and can’t afford the home?

by Superrad_

Question by curious: If someone refinanced their home a few months ago, but lost there job later and can’t afford the home?
On a 1st Mortgage, what does the bank do, if someone refinanced their home afew months ago, but later the Buyer got laid off from work. Buyer can’t afford the house note anymore?

Best answer:

Answer by I Buy And Sell Houses
The owner should contact the bank and ask for either a forebearance or a loan restructuring. Keep the bank informed of your situation.

If you’re unable to pay your mortgage and can’t work something out with the lender, consider a short sale–where you sell the property for less than is owed on it. Otherwise, it’s likely to result in a foreclosure.

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