Mortgage Help on Underwater House While Unemployed? Yikes.
January 30, 2013 12:48 PM Subscribe
Laid off and underwater. . . are there any programs that can help me to keep paying our mortgage?
posted by Kalatraz to Work & Money (6 answers total) 2 users marked this as a favorite
Last year we refinanced our underwater home through the Making Home Affordable program. We barely qualified -- had our home been appraised $250 less, we would have been too underwater to make the cut.
I was permanently laid off from my job at the end of 2012. Job search is going, but it's going slow. I have severance due to me that will be used to make mortgage payments among other things, but it's looking likely that I won't have work super quickly, and unemployment insurance isn't going to cover our expenses even though we've obviously stripped down to essentials. (My husband, thankfully, is still employed!)
Called our mortgage lender and they said there was nothing to be done until we actually couldn't make the payment. Is that true? If it is, what can be done when we reach that point? Open to really any options at this point, but we'd like to stay in the house if we possibly can. . . Snowflake stuff: house is still underwater, credit rating is good, debt to income fine for last year but questionable now since I have negligible income.
(You are not my mortgage professional. However, my mortgage professional was not helpful. Thus, I seek your friendly advice. Thank you, all.)