Question for the board as the loan modification process is completely new to me. I'd like to educate myself and the options available before I talk to them further.
My current situation is this..... We have bought a new home and moved to another state. I was able to work remotely while my wife was going to transfer to another office out here. My employer cut down my hours drastically and my wife's move into the new office had been delayed quite a bit (4 months) so needless to say that got us into a bind quick. I am currently looking for a job while my wife has just started this Monday finally.
I'm unsure what qualifications are needed to be approved for loan modification, but can't assume my chances are good considering I am not working and pursuing employment currently. I am behind a good amount and can look to borrow this money from family to get caught up. Unless somehow it can be modified and I can just resume the payments when given the lump sum from a family member. My payments do not need to be cheaper I simply just need to the time to right the ship even if it is on borrowed funds (enough to get caught up and then some)
What are my options at this stage? I don't want to be denied loan modification or go through any short sale process as I would like to keep the house and resume my payments.
Thank you in advance.
My current situation is this..... We have bought a new home and moved to another state. I was able to work remotely while my wife was going to transfer to another office out here. My employer cut down my hours drastically and my wife's move into the new office had been delayed quite a bit (4 months) so needless to say that got us into a bind quick. I am currently looking for a job while my wife has just started this Monday finally.
I'm unsure what qualifications are needed to be approved for loan modification, but can't assume my chances are good considering I am not working and pursuing employment currently. I am behind a good amount and can look to borrow this money from family to get caught up. Unless somehow it can be modified and I can just resume the payments when given the lump sum from a family member. My payments do not need to be cheaper I simply just need to the time to right the ship even if it is on borrowed funds (enough to get caught up and then some)
What are my options at this stage? I don't want to be denied loan modification or go through any short sale process as I would like to keep the house and resume my payments.
Thank you in advance.