Things couldn't be any worse for you if you're facing foreclosure trouble after losing your job, as there are almost no solutions in store for you to tackle and overcome this issue. Mortgage refinance is a way to overcome this complication, yet how successful would you be if you approach any bank and say that you want to refinance your mortgage without having a stable job to back you up? This issue has also not been addressed in a proper manner by the government as of now, thus it is best that you look at other alternatives if you are seeking a refinance mortgage loan for your home while you are unemployed.

Wanting to refinance your home while you are unemployed is almost impossible, though don't lose heart just yet! When you want to refinance your home, the first thing that a creditor or a lender would look at is the number and value of the assets that you possess in your home. The second thing the banks would look at would most definitely be your employment. Let's face the fact, if you are unemployed, there is little chance of you being able to service your mortgage loans even after your refinance it, thus banks would not be keen to offer refinancing packages to those who do not hold a stable job! The thing is, even if you have a job, it is not guaranteed that you would get a good deal from the lenders, they would still evaluate factors such as the stability of your job, how long you have worked with your current company, and other relevant factors. Thus imagine how your application would look if you are unemployed!

Thus, the most realistic method to save your home while being unemployed is through loan or mortgage modification. You could do this by making use of private programs from the banks out there, or the government backed options such as President Obama's Mortgage Modification Program. Loan modification is also free, thus it makes it easier to obtain without having to pay upfront charges. You can also modify your loans yourself, as long as you understand how it is done, and qualify for the criteria for loan modifications. It is easier to gain approval for loan modification as your credit, assets in your home as well as your employment do not come under scrutiny like how refinancing packages work. It also proves to be a useful short-term solution for you until you can find a job and get your financial situation back on track!

Find loan modification guides that are widely available online, and start applying for one to ensure that you successfully salvage your home even when you are unemployed!