On trial basis with HAMP and now getting laid off
I am in my first month with HAMP mortgage trial period and it looks like I will be getting laid off from my job. Since my salary will drop quite a bit will I be able to supply this information to my bank and have them review and possibly lower my monthly payment. Mortgage Modification Answer:
First of all, sorry to hear you will be getting laid off.
The decrease in your income will certainly affect your financial analysis for your permanent loan modification.
Unfortunately, it can negatively impact your application if your income goes down too much and your debt-to-income ratio goes over the limit and becomes simply too high that your lender does not believe you will be able to afford your newly modified payments.
Without knowing your exact financials, I cannot make an informed evaluation of your situation.
At this point, I would highly recommend a professional evaluation of your financials before you have to re-apply.
Your situation needs to be positioned, if possible, to show that you will be able to afford your new modified payments, and if not, to renegotiate new rate and terms that will allow you to stay in your home.
Either way, you will need to be careful with how you divulge your new employment status to your lender.
I highly recommend that you fill out the short form here with your information
so an analyst can give you a much better assessment with no obligation.