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Anyone quit their job and qualify for Making Home Affordable?

2-Step2-Step member
in Stay at Home Moms

I am working on a plan to start my own business. It would mean quitting my job and getting ramped up for a few months while depending on DHs salary. If I did quit our mortgage would be more than 31% of our gross income, which is the only thing that I think is standing in our way from qualifying for a refi now.

I was just wondering if anyone has done this. I don't know if there are any rules about not being able to quit your job to qualify or if you ran into any trouble with the Making Homes Affordable refi. The little questionaire on the website says we would be eligable, but I don't know if I completely trust it. The differece in our mortgage may make it feasible for me to SAH and get my business going, but I'm nervous about being sure we would qualify.

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Re: Anyone quit their job and qualify for Making Home Affordable?

  • EnglishMajor03EnglishMajor03 member

    We qualified for a hardship program through our mortgage company.  Even though we afford SAH just fine, I had to SAH because of my oldest's medical needs.  I'd call your company and see what they say.  Despite the fact that they moved like molasses and you couldn't get a live person 3/4 of the time it was an easy process and they really worked with us.   

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  • wheelsonthebuswheelsonthebus member
    We started looking into Making Homes Affordable when I wwas first laid off of work and before I started freelance. We have a VERY high interest rate  on our mortgage. I have nothing but TERRIBLE things to say about that program. We tried and tried for a year and could not get anywhere. At the end I was spending an hour a day on the phone and getting a complete run around. It also negatively effects your credit score. Even though we dropped out of the program, we are still fighting with them to remove it from our credit even though we have it in writing that they would.

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  • deadpoetsocietydeadpoetsociety
    It sounds like maybe you can't afford to quit your job just yet?
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  • missdanibmissdanib
    I am a new SAHM mom and have never posted here before, but I wanted to add another little heads up about that program.  We qualified because my job was cut to part time (then I was totally laid off), BUT the mod that they gave us was $90 a month lower than our current payment and temporary for four months.  SO not the headache and hassle we went through to get it. I still don't know what happens after the four months. They "reevaluate".
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  • AndrewsgalAndrewsgal member

    imagedeadpoetsociety:
    It sounds like maybe you can't afford to quit your job just yet?

    Ding Ding Ding

    I have seen many people say on there that they short saled their house or had to refi to afford their mortgage, um then  you can't afford to stay home. Nothing like choosing to stay home and damaging my home value in the process. 

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  • rab41380rab41380 member
    imageAndrewsgal:

    imagedeadpoetsociety:
    It sounds like maybe you can't afford to quit your job just yet?

    Ding Ding Ding

    I have seen many people say on there that they short saled their house or had to refi to afford their mortgage, um then  you can't afford to stay home. Nothing like choosing to stay home and damaging my home value in the process. 

     

    We should have qualified as we had a really high interest rate, and was talked in to a very bad mortgage plan...our house was so tiny for what we were paying.  We did not qualify due to our savings...sorry this was not being used for bills! So make sure you dont have a savings anywhere!  We ended up doing a short sale which worked out perfect!  And short sales are a blessing for those of us who would never be able to sell our houses for what we bought them for...


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  • 2-Step2-Step member
    imageAndrewsgal:

    imagedeadpoetsociety:
    It sounds like maybe you can't afford to quit your job just yet?

    Ding Ding Ding

    I have seen many people say on there that they short saled their house or had to refi to afford their mortgage, um then  you can't afford to stay home. Nothing like choosing to stay home and damaging my home value in the process. 

    First off I would never SAH if I couldn't pay my mortgage, but if there were a way to refi and save a few hundred a month while getting my business going I figure it's worth looking into. I've never made a late payment on my mortgage and I don't intend to start now or ever be in a position where I would short sale my house to SAH. I would never sacrifice my family's home. I am not even remotely talking about a short sale here, I'm talking about taking advantage of better interest rates so I don't have to dip into savings if I have a bad month in my new business. Refiancing does not effect your home value in the least, its a smart thing for anyone to do if they can get a better rate.

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