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If I lose my job, would that be considered extenuating circumstances for a conventional mortgage foreclosure?

by PRoanoke from Auburn, Maine. Apr 18th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

Nope.. unfortunately loss of job, divorce, etc.. are not considered extenuating circumstances.. Death, major illness or injury, etc.. would be.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 18th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

No unfortunately not. It needs to be something major like a death in the family or an injury that kept you from working for some period of time.

Apr 18th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

No, sorry

Apr 18th 2013
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 113 contributions

unfortunately no.

Apr 18th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

No.

Apr 18th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

no sorry.

Apr 18th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

No that would not, in Maine it is typical for a foreclosure to take 6-12 months, during that time you can find a job and file a BK13, bk7 or do a workout plan with your current lender.

Apr 18th 2013
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Benjamin Bote (Benjamin)
#797 ranked lender in California - 20 contributions

if this was a relocation by your employer and the job was eliminated, you have a case.

Apr 18th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

No

Apr 18th 2013
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Gary H (Mod.Specialist)
#72 ranked lender in New York - 25 contributions

If you want to save your home from foreclosure - need to show there is a minimum amount of income in the household to support your mortgage. First - who is your lender? Next, is your loan a conventional or FHA loan? Is your investor Fannie, Freddy, and a private investor? There are special programs available depending who owns your loan. Applying for a loan modification is different compared to qualifying for a mortgage. Loan mod's are based on loan/income ratios, not like your credit score, LTV/DTI ratios used for mortgages. Maine is a judicial state - it can take over a year to foreclose on a property. I am in New York, we are registered in 48 states, call me to discuss your situation - Gary @ 631-766-4047

Apr 18th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

If you do not pay your mortgage, you will be foreclosed. A mortgage is a contract to pay

Apr 18th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,717 contributions

No... Loss of job is NOT considered an extenuating circumstance.

Apr 19th 2013
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