Applied for Loan Mod, Now Unemployed, What Should I Do????

[maudgonne]

I really need your advice -- Here's the back story in a nutshell. I live in GA. I lost my job for 6 months, got behind on the mortgage. Got a new long-term contract job in Feb. 2009 making approx. $90K per year. Applied for a loan modification in in July based on my income at that time. (The loan's with MetLife.) I had an original foreclosure sale date of August 4, which has now been delayed four times while I wait for MetLife to make a decision on my loan mod. Unfortunately, my long-term contract ended last week, so I'm now officially unemployed in a metro area (Atlanta) that is experiencing heavy unemployment. (Here are my loan stats: original loan was $152K, balance before I got behind was $137K. Bought house in 2000 for $160K, it's now worth about $120K. Current PITI payment is $1400.)

Here's my ?? -- should I proactively contact MetLife and tell them about my loss of employment or wait until I hear something back from them regarding the mod to tell them of my change in status? Obviously, I now won't be able to afford the same amount that I could when I was employed, so I'll almost have to reject whatever mod they give. However, I'm thinking that if I now tell them that I'm unemployed, they'll stop my "loan review" and I'll go straight to the head of the line for foreclosure.

Now that I'm unemployed, I'm going to have a hell of a time renting, so my options look bleak all around. Can anyone share any advice? I'd be most appreciative of anything you can suggest. Thanks!!

M

[nc73]

I would just give the house back. Unless of course you think you can find another job ASAP. I think you can stay in the house a while before you have to get out. As for renting, I'm sure there's something out there...