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FHA Refi of Mortgage under a Loan Mod, Wells Fargo

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 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

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

Nov 17th 2011
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