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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]Definitely don’t sell your house without finding out what options you have for keeping it in your situation even if it continues indefinitely.  Lenders have various options to help people experiencing loss of income with mortgage payments from temporary relieve to permanent payment reduction
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Regarding the job hunting, yes it is an awful market plus everyone posts their positions on LinkedIn and everyone applies with a click of a button. So AI is definitely filtering those applications.  But you can turn it around and enlist AI to help you craft applications that pass the filters.  Having a couple of first round interviews is actually a good sign even if they didn’t go further.   When you apply look for connections at the company no matter how remote with the hope they can help pull your resume out of the pile and put it in front of the hiring manager. Hang in there.  [/quote]

I think you are blowing smoke -- how would that work other than refactoring the loan (ie you have 15 years remaining, and they refactor you to a 30 year loan at a higher rate).

But the worst will be if the housing market drops in unison with his job loss -- and then when you finally sell its a foreclosure or similar.
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Yes, that is typically how it works, kind of.  The first step is to extend the term, which brings the monthly payment down.  Why would you think they raise the interest rate at the same time? That would be stupid, no one does that.  Quite the opposite, if the term extension is not enough to make the payment affordable they may reduce the interest rate.  [/quote]

They likely have a sub-3% rate, so the bank extending the term is leaving capital tied up when other loans are 7%[/quote]

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