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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been put on permanent disability from my job. I am getting my disability payments. But that it is not enough to manage the high interest rates on my mortgage along with other necessary expenses. Can you let me know if I can refinance my existing mortgage though I am on disability?

Like | Dislike | Share | Posted: Sun, 11/25/2012 - 22:58 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should note here that if your monthly income with your disability payments is high enough so that your total monthly debt, including your new mortgage payment, is less than 36% of your monthly income, you can qualify for a standard refinance.

Like | Dislike | Share | Posted: Sun, 11/25/2012 - 23:03 | Post subject:

skyden.dredge's picture
skyden.dredge | Joined: July 22, 2011 01:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you are permanenly disabled, then the income that you earn from Social Security Disability, is factored into your income by the lender while approving your refinancing request. Apart from income, if you meet other criteria, then your request is granted.

Like | Dislike | Share | Posted: Mon, 11/26/2012 - 00:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Need to refinance now. Seven months before I was placed on total permanent disability had refinanced my house to a 15 year loan. My monthly payment is $2926. My gross monthly income is now $5200. My home's value is $375,000 at the low end and the low $400,000's at the high. Have tried to survive, but is getting much harder. Any suggestions?

Like | Dislike | Share | Posted: Thu, 04/16/2009 - 18:47 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

You can go for a loan modification program. It will lower your monthly payments so you can afford them. Discuss this with your lender and let us know what they have to say.

Like | Dislike | Share | Posted: Fri, 04/17/2009 - 06:51 | Post subject:

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