What mortgage refinancing programs are available to the unemployed?

Question by Sara B.: What mortgage refinancing programs are available to the unemployed?
Need to refinance- I have good credit and have never missed a payment. I lost my job a year ago and I have no income aside from unemployment- however I do have assets. What programs are available for refi that I’d qualify for? It seems like I have to default on my mortgage or ruin my credit before I qualify for a program and that can’t be right.

Appreciate your knowledge on the refi programs out there to assist.
People don’t seem to be reading my question. I am looking for a refinancing. Not a bailout people. I am not anywhere near defaulting. I have assets. I have never been late- I have excellent credit. Where do you read default here or that I cannot afford to own my house? I pay a number now that with the current rates would be lowered- that is what I want to do – and the only difference between me and someone who has money coming in is WHERE the money comes from. You are totally jumping to conclusions about no ability to pay.

What I was saying is that there are refi programs out there but to qualify for them- for me to- I’d have to purposely miss payments- which is in my thinking – absurd. There must be a program out there.

Best answer:

Answer by Common Sense
That would be none. Sorry.

Know better? Leave your own answer in the comments!

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5 Responses to What mortgage refinancing programs are available to the unemployed?

  1. Billy Cunningham says:

    unless you have atleast 40% equity i doubt anyone will do it.

  2. ET says:

    Personal loan to get caught up. ASk mortgage holder to defer “x” number of payments to the end of the mortgage term.

    While collecting unemployment inquire about the State or Labor Dept paying tuition for you to train into a new career field. In NY it’s “county name WORKS”, or OET (Office of Employment & Training). You continue to collect, while they pay tuition for your training.

  3. linkus86 says:

    You might need to do some more investigating as many options exist for loan modification. Good Luck!

  4. Ryan M says:

    Almost none, but there are SOME for very short term periods like 90 days to 6 months. No one is interested in keeping someone in a home that they can no longer afford to pay for. The bank would only be delaying the inevitable. Owning a home is a privilege to those who can AFFORD it, not an entitlement.

  5. Wingman says:

    Sara, don’t rely on just advice from strangers on here. You need professional mortgage help, preferrably local. Everyone is suffering from these bad economic times. Hang in there. Knowledge is power. Here’s an informative article on tips to avoid mortgage defaults, and one of them includes what you are doing–realizing and not ignoring that you have a financial crunch, which you seek the fix:


    Hope you find this helpful, and that you get through your financial troubles.

    Good luck!

    The Internet. Just whatever is available online and what I have on my mind, including the inclusion of relevant sites, like the one cited that came into existence from my efforts, which is intended to be useful. Helping people get the relevant info they want is great.

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