How long should it take for a Net Tangible Benefit to borrower to be approved for the Refi of a mortgage that is currently under a Loan Mod? The issue they were having was the Loan Mod itself, saving at least $100 per month and recooperating the closing cost within 5 years. The last two are very close to meeting the general requirements and the Loan Mod was given almost 2 years ago, however, the mortgage was never ever late and the credit rating is Excellent. by sspatriots from Salisbury, Maryland. Nov 16th 2011
Flat out.. Loan Mod's are rarely worth it.. most are in my opinion a scam.. that being said, you could have looked into a traditional refinance, especially now with the HARP 2.0 right around the corner. NTB is defined by FHA as 5% monthly savings... Conventionally, the NTB for most lenders is 48 months... WilliamAcres.com
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