Can I sell my home if I've had a loan modification?

Yes.. But you need to read your modification agreement.. There could be monies owed if you did it recently... and if you goal is to purchase another home, you could have problems.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I typically do not go against others with the response but I have recently worked with a client with this scenario. The answer is not a straightforward yes. You have two separate issues you need to research.1.) Your Modification Agreement: The modification agreement may require you pay back the amount of principal that reduced if the home is sold within a certain period of time. You also may have to pay fees. You have to review your contract in detail to determine what will be required to pay off this lien.2.) Your ability to be approved for the purchase mortgage: Based on how your mortgage payments reported prior to the modification, you may have damaged your credit. You will need to show you have made payments on time for the prior 12 months before you will be approved for a new mortgage. Also, many lenders require a minimum 3 year waiting period following a modification before you can qualify for a new purchase mortgage.Do your research on your modification agreement and review this in detail with your loan officer before placing confidence in the ability to obtain a new mortgage.

Absolutely. The modification can NOT prevent you from selling your own home. However you will want to review your modification agreement and see if there are any financial "gotchas" in it. It is possible that the modification could include provisions that require you to pay a penalty if you sell too soon, that undoes the interest reduction, shares equity growth, etc. Most modifications do not have these but I have heard of several Horror stories where these kinds of provisions were stuck into loan modifications on loans that are not Fannie, Freddie, FHA or VA. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes, but if you are looking to buy, there will be some restrictions www. HOMEMORTGAGEXPERT.com

Yes, review your modification terms before you list the property as many that had principle payment reductions will have penalties.

Absolutely, but what I suggest you do is contact your lender and have them send you a 30 day payoff so you'll know what the actual amount is they want to be paid.

yes but you may have penalties involved with the payoff figure. also you likely will not qualify to ourchase another home for around 3 years

Read the modification agreement carefully.

YES... but read your modification documents. Some may require you to pay some mone back to the bank if you make any "profit" from the sale.