The most common Loss of Income is losing your job. This could be anything from being laid off to getting hurt on the job. This could happen to one owner or both. In any event savings, if any, are depleted and the ability to keep the property current becomes very difficult. Many Loss of Income owners believe that they will get help from their lenders regardless if they have no income sources. Loan Modifications are the most common Bank programs to assist homeowners, unfortunately though without an income source you can’t be qualified for a permanent Modification. And if your property has Equity you almost automatically disqualified.
