Unfortunately, Davis says unemployment alone *may not* be enough because loan modification is temporary.
The homeowner must be able to afford the original payment when the modification ends. “if they have no income at all, they lost their job entirely, that is a hardship by since they have no ability to pay back they would not qualify for the modification at that point either.”
The “Consumer Credit Counseling Service” offers free advice and can assist homeowners through the loan modification process.
Read more from the KTVN
