by J Anthony Is
Question by ozzydc1: If I quit my job, would I qualify for Obama’s Making Home Affordable mortgage refinancing program?
If I quit my job, would I be able to qualify for the program since I would have less than 31% of my monthly income and be unable to pay for my monthly mortgage paymentgs? The program is unclear on what a hardship is, and if you have to be laid off or fired. What prevents people from just quitting their job to qualify for the program, then get another one once they are accepted and put on the plan?
Note – This is what I’m trying to confirm if its true or not “Plus, if you quit your job, your lender isn’t going to modify your loan because your hardship is your own fault”
Answer by spalmer
No you shouldn’t quit because no one is guaranteed to qualify for this program. It is completely up to your lender if they want to modify your loan, there is no law that they must modify your loan. Plus, if you quit your job, your lender isn’t going to modify your loan because your hardship is your own fault.
Know better? Leave your own answer in the comments!
Trust not the one who lies.
of course you cannot quit. See every lender will get a verification of employment form done as a matter of business. When it shows a voluntary separation then you have NO SHOT at all
That is not at all how the program works, you can not quit then qualify, nor could you quit, qualify for the trial (yes it’s trial only, then if all goes well for 6-12 months it’s permenant) but you couldn’t get another job then suddenly be ok because your modification is based on your income, more income = less of a modification or no modification at all..
In fact, there was a story published 2 days ago that the program is failing and often costing families MORE money. They struggle to meet the requirements, they’ll pay on time by dipping into their savings only to find themselves out of their savings and out of their home because they failed to meet their trial period guidelines, in other words, they go broke before the trial period is up… So what’s happening is instead of these families just letting their homes go, they’re struggling to stay afloat only to be foreclosed on anyway after using up all their savings to pay their mortgage. So now not only are they out a home, but also out money they could’ve used to put towards a new place to live or debts or attempted to keep their homes w/o using that very strict program..