My friend, "Jake" purchased his first home about 2 years ago. At the time, he was working at at full-time job in education, making somewhat decent money. 5 months ago (upon the example and "guidance" of his friends), he decided to quit his job to make a career change, but didn't have a new job in place. He thought he had a good job lead at a major institution. All they had available was a temp-to-hire position, but after 3 months of working there, they decided not to hire him. Now he's still doing random temp assignments, but a permanent position has yet to materialize, particularly in his desired career field.
He's also now having serious issues with his mortgage, and hoping to either refinance or get a modification on his original loan. How likely is he to be successful with this process, given his situation?
Read more: Avoiding foreclosure to refinance loan, with only temporary employment after quitting long-standing job?
