Foreclosure in 95131>Question Details

bluemug, Other/Just Looking in 95130

Can I take a job somewhere else when I am doing loan modification?

Asked by bluemug, 95130 Tue Jan 5, 2010

I lost my job last year and I went into loan modification with the lender. I already made four trial payments and the I still haven't got the final decision yet, though I was told that I've provided all documents. My questions is can I take a job somewhere else and move? In current economy, I am willing to go anywhere if I can find a good job. But the loan modification requires me to live in my property as the primary residency. So what should I do? I've already turned down an offer because of this. It's kind of weird that I can't take a job to stay afloat while the loan modification is supposed to help me. Any pro here can give me some advice?

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I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013
Hi All
I think every one should the the Making Home Affordable program is just one of many programs the lenders use. A lot of lenders have their own in house mod programs.

They have so many options right now for home owners when I submit a package and ir doesnt fit one program it may fit another. I always submit with a minimum of 3 acceptable options my client will be willing to accept. For example
1) inerest only payment 10 years,
2) forbear principal - simply set it aside - some lender will forgive principal but it istn always in the best interest of the consumer. they may face heavy tax consequences for the forgeness of debt.
3 ) settle the debt if it is an unsecured undersecured 2nd loan, either for a lump sum or 5 - 10 year loan low interest.
You have to be creative. Send it to them with acceptabel option instead of waiting for them to give you one of theirs. Once they see you are flexable things may be easier.
Also they do modify rental properties. MAHP is designed for homeowners but Im telling you lenders and investers would rather get money now than wait 1 year for the foreclosure sale.

JoAnna Jensen
Realtor Legal Assistant
0 votes Thank Flag Link Sun Jan 10, 2010
First things first. If you do not have a job you will not be approved for a modification! There is an expectation that the home be your primary residence but if you can not make the payment it will not make a difference. Also if you take a job some where else what is the likely hood that you will keep the house you currently live in. It sounds you have to ask your self some hard questions. The makinghomesaffordable process has been very slow and the results for final mods has been less than expected! If you get the mods, that is great, but don't put all your eggs in that basket.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee


http://www.milwaukeebailoutcom
0 votes Thank Flag Link Sun Jan 10, 2010
Hi,
I actually work for an attorney in CA doing Loan Mods. The home is supposed to be owner occupied but we can modify rentals as well.

If you are having a hard time finding a job near by I would then look for a job where you can get it. I would definately let the lender know. By not being truthful with the lender and commiting fraud you could get yourself into big time trouble that is not worth it.

You may be able to sell your home or the lender may prefer that you still modify and rent. With the economy the way it is lenders dont want more foreclosures!!! But what ever you do let your lender know what is going on. If you dont have a job it may be hard to get a permanent modificaiton, do you have enough income to cover the modified mortgage???

Best of Luck
JoAnna Jensen
Realtor Legal Assistant
Northern Ca
0 votes Thank Flag Link Wed Jan 6, 2010
If you are not terribly attached to your Amerian dream, sell it and let bank take the loss will affect you less creditibility wise. It may take 12-18 months to get FICO restored and there is no record you sold it while your home is underwater. If you walk out or have it foreclosed it will stay on your record ~10 years with credit score subtrated by 300 points. It will stay low for 3-4 years. Now assuming you got a new job that requires clean credit history you are out of luck. Deficiency judgement is something banks serve those who default.
Good luck. Sam Shueh, cpde
0 votes Thank Flag Link Wed Jan 6, 2010
Joe XXX from Watsonville, CA lost his contractors job. After 1 year of un-employement he told me he finally got a gov't sub-contractor overseas. In the meantime he is under trial period for a loan mod, wife & family stay in the house. Joe comes home periodically.
0 votes Thank Flag Link Wed Jan 6, 2010
Sorry, didn't finish...here is the rest.

If you move out of the area, that could have an impact regarding primary residence requirements. However, if your family is staying and you are not purchasing a property elsewhere (which would seem unlikely due to finances) then your home would still be your primary and there may not be an issue.

I would pursue gainful employment and the loan mod simultaneously and not discount one in hopes of the other...but that's a personal preference. If you don't have employment there is the possibility more than your housing situation will be impacted.
0 votes Thank Flag Link Wed Jan 6, 2010
There is nothing prohibiting you from taking a job during a loan modification. I think you need to look at the "bigger picture" which is generating dollars to provide for yourself and your family. There are no guarantees that the loan modification will be approved. It may not be wise to turn down offers that will absolutely improve your financial situation in hopes of maybe getting a loan modification.

If you get a job during the loan mod process and the lender requests an updated package (also referred to as a hardship package), then you will be required to submit your latest information including potentially pay stubs from new job. The lenders may or may not give much weight to the new job as you will more than likely be in a probatory period. Requirements will vary on a lender by lender basis.

Hope that helps. Good luck, there really isn't any science here.
0 votes Thank Flag Link Wed Jan 6, 2010
It appears that you will need to make a decision. Go elsewhere and get a job or stay and do the loan modification. The primary residence rule does apply. And unless you can commute...

If taking a job out of the area is the choice you need to look at alternative for disposing of the present property. Now, we don't know your situation. But if you are upside down on the mortgage a short sale might be an alternative. Paperwork is very similiar to the loan mod and often if a person is turned down for a loan mod a short sale is the next step.

But first you need to weigh your options and decide if you stay or if you go.
0 votes Thank Flag Link Wed Jan 6, 2010
Bluemug -

Home modifications are to help those who want to stay in their homes. The decision is around "primary residence" status. If your family is staying in the home while you work away from the home, their may be some flexibility. However, if you plan to rent it out or will be using a different address as your primary address, you may be placing your loan modification in jeopardy. Consult with the agent or attorney helping you with the matter to understand your options.

CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Wed Jan 6, 2010
Hi blumug. Lenders will not entertain a loan modification of you are leaving the home. The programs are deisigned to help you stay in your home. If you decide to relocate for a job offer, consider speaking with your lender about a posisble "short sale", if needed.

Robert Greenblatt
Keller Williams
cherry Hill NJ
0 votes Thank Flag Link Wed Jan 6, 2010
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