Two Deaths In The Family & No Job

I have fallen behind on my payments approximately five months due to two deaths in my family and am currently not working but I have made one payment last month and anticipate making at least two more this months.  What do you think is my best option?

Crystal

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Hi Crystal,

Two deaths in the family is a lot to have to deal with; my condolences on the loss of two of your family members.  You definitely have a hardship and the lender should be sympathetic to any petition you make.

To keep the house you will be required to have an income and unfortunately, unemployment compensation is not customarily considered by the lender as income for purposes of qualifying for a loan modification.  

Without knowing anything more about your situation I would say find gainful employment and request a loan modification that capitalizes the delinquent payments.  This means, once you find a job, the past due amounts can be added back into the loan amount.  The lender could also lower the interest rate or combine an interest rate reduction with a principal forbearance.  There are other options for you to keep the house once you obtain employment, but it all starts with finding employment.

Thanks for the questions and if there is anything I can do for you just let me know.

Paul