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Posted: Wed Feb 25, 2009 8:19 pm Post subject: loan modification california

1. What would happen, if anything, with a loan modification due to job loss... I have been laid off. Ex lives in our house and when I was unable to make payments, he stopped making payments too. Should we do a loan modification based on ex's income? I assume I would remain on the loan and of course the title (which is separate).

2. What would happen to new loan (modification) when I get a new job? Will loan stay the same or change? (i.e. would I have to report new job/income to lender and in essence would we be required to make a higher monthly payment amount, do new loan?

OR

3. Other option, could ex apply for and receive a hardship loan on his own based on separation hardship, as he is not able to make the full mortgage payments on his own. I would think lenders would be willing to do anything these days to keep homes from foreclosing. It's not that he can't put a decent amount toward the mortgage.

Thanks for your professional assistance/advice.

smithsussane · Posted: Wed Feb 25, 2009 9:40 pm Post subject:

Hi Guest!

Welcome to forums!

You and your ex can jointly apply for a loan modification. You will have to write a hardship letter to the lender informing him about the hardship that you are facing. If the lender is convinced, then he will give you a repayment plan through which you will be able to pay off the mortgage dues.

As far as I know, you can inform the lender about getting a new job but I don't think your loan will change due to that. If the property and the mortgage has your name as well as your ex's name, I don't think he will be able to apply for a separate hardship.

Sussane

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