Category → Unemployed Mortgage Help
Mortgage Help for the Unemployed
Mortgage Help for the Unemployed
Introduction
According to Thomas Holmes and Richard Rahe University of Washington School of Medicine getting fired is the eighth (8th) most common source of stress. Combine the fear of losing your home to unemployment and you can be sure it will jump a few steps on that particular stress rating. Unfortunately this is not a hypothetical situation. Hundreds of thousands of home owners with mortgages on their homes are facing the uncertainty of unemployment plus the threat of foreclosure. To illustrate, the reason for hardship most often reported in loan modification applications is the loss of income: due to unemployment and reduction in hours. Excessive debts, the reason most pundits initially gave to the housing crisis comes a distant second with only 11% of loan modification applicants claiming it was the reason they were struggling with their mortgage.
