Do lenders issue a mortgage refinance to people with no job?
Many people have already lost their jobs because of the recession. Some companies are reducing their workforce and some are reducing the wages. Is a home refinance possible for the unemployed people? I would say ‘No’ because the lenders are not ready to take risks. Most of the major lenders were giving the mortgage refinance earlier but since people have defaulted on the mortgage, they have stopped giving the refinance to people with no job.
Is a refinance possible for people who have made the mortgage payments even after being laid off?
This is one of the most frequently asked question about the home loan refinancing. Many people are making the mortgage refinance payments regularly after losing their jobs. So they are wondering if the lenders would be ready to give them a refinance despite the unemployment. I know some people who have lost their jobs and they were paying the mortgage promptly. So they asked the lender about a refinance. They understood that the mortgage rates are very low and this is the best time to get a refinance. But their efforts went in vain.
The lender did not accept even after looking at the perfect credit report. So this clearly explains that employment is a very important factor to get a refinance and there is no way that you are going to get approved without a job. Some strange things have also happened to borrowers. Some of them were laid off during the refinance process. Recession has made several people’e lives hard. Since several plans have been introduced by the federal government to stimulate the housing market, let us hope for the best and wait patiently.
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