How to Negotiate a Mortgage Refinance If I've Lost My Job
- 1). Ask a trusted family member to cosign the loan for you. If you want to negotiate a mortgage refinance after you lost your job, this would be the first place to start. This type of arrangement should never be taken lightly, and you should never just assume that any member of your family will comply. This is some really shaky ground in a lot of way. If you don't make your payment, the cosigner of the loan can be forced to make the payments. If you should default on the loan, you will destroy your cosigner's credit score. While this is how to negotiate a mortgage refinance if you lost your job, it may come with a high price that goes beyond money, so use caution.
- 2). Build equity in your home. If you want to negotiate a mortgage refinance after you lost your job, the bank will want to know how much equity is in your home. It is very likely that the bank will send out an assessor, to see how much the house is worth. If you have a fair amount of equity, the bank is more likely to get their money back even if you default on the loan. Of course, if you are unemployed, you will have less options for building equity. That doesn't mean you should just give up, you need to take the offensive. Things like paint and basic landscaping can be done very cheaply, and can really have an impact on the value of your house. This really is a key step of how to negotiate a mortgage refinance if you lost your job.
- 3). Search for a job today. If you want to negotiate a mortgage refinance after you lost your job, you will have a better chance if you have at least some form of income coming in. Even if you only land a new position that pays substantially less, you will show that you are actively seeking employment, and it will improve your chances.
- 4). Make fast money. Don't go falling for a get rich quick scheme, that's not what I am saying. Have a yard sale, sell off some of the big toys you don't need. If you have some money in your savings account it will improve your chances, and you'll be able to pay the fees associated with the loan. If you want to negotiate a mortgage refinance after you lost your job, this will be key.
- 5). Shop around. There are many companies out there that may be willing to extend you credit. If you are trying to negotiate a mortgage refinance after you lost your job, you will want to keep your options open. The banking industry is struggling now, so in many ways, they need your business.
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