Most people believe that getting a home loan modification while not having a job is literally impossible but it could not have been further away from the truth. There are many people who have got loan modifications done despite being unemployed. Of course, it will be difficult since you do not have a job but it is not impossible. Since there are a large number of unemployed people in the US due to the current recession, most lenders have learnt to cope up with homeowners who are out of jobs.
The recession has affected everyone to some extent or the other. People who earlier used to lead comfortable lives are having trouble making ends meet while people who were barely being able to pay off the monthly mortgage payments are facing imminent foreclosure of their houses.
Even when unemployed, if you are receiving regular unemployment checks from the government, then your chances of getting home loan modification are increased doubly. The lender just needs to see a proof of a steady paycheck which will cover the mortgage payment. Even if you do not have a job, the very prospect of having one because of an impending interview is enough to get you a modification in some cases.
There is one way to get a loan modification from the lender. The hardship letter is used to move the lender into approving the same for you. in this letter, you have to prove that you are going through a rough patch because of any event or may be affected by some event. As a result of this, you would need home loan modification. The lender will grant you the modification as long as you are able to convey it to him that there won't be any lax in paying the revised monthly mortgage payments.
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