Sometimes.
There are a variety of reasons why someone would have a foreclosure issue and yes, one of them is being unemployed or a pay cut do to less available working hours. If you have had an employment issue, whether you lost your job or had your income cut there may be help for you with your current mortgage company.
Believe it or not, that is not the main reason we see foreclosures in the market place. The primary reason we see them is because many people took out an adjustable mortgage with the hope of refinancing into a long term fixed rate is what causes most homes to fall into foreclosure.
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An adjustable rate mortgage is typically fixed at a particular interest rate for anywhere from two to seven years and then makes an interest rate correction based upon current conditions at the end of the fixed time period. Taking out an adjustable mortgage is a gamble in a sense because we do not know where the rates will be at any one given time.
Many people take out an adjustable rate mortgage was to get their credit cleaned up to be able to qualify for a long term fixed rate loan but fail to get all their ducks in a row and thus have to pay the higher rate on their note or face the dreaded foreclosure notice.
Chances are that if you did not get your credit cleaned up and your home did not go up in value, or even lost value, and you cannot qualify for a thirty year fixed rate loan, you may have an opportunity to get your current loan modified. A loan modification can bring down your interest rate and give you some breathing room that you would otherwise not have with the bumped up rate on your adjustable rate loan.
There is a bit of a process to get that done and you may be well served using a firm that specializes in loan mods. Whether you handle the process on your own or you use the services of a professional, make sure you get a free consultation to help you make that decision.
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