can you do a home loan modification if you are unemployed?
My husband & I have been out of work for a year. We have spent all of our savings paying our mortgage each month. Now we are out of money and behind on the home loan payment by three months. The problem is they bank is willing to try and help us modify our loan but they want last years tax return. We made about $ 15,000 (unemployment -EDD). Our loan balance is $ 302,000 & our home just appraised at $ 265,000. My husband just got a new job this month and we can provide W-2’s but does anyone know if the fact they our tax return last year showed really low income will hurt our chances to modify our loan?