Will I ever be able to refinance after a modification?
I did a loan modification 12/2010, since then I have paid my mortgage on time every month. I recently tried to do a cash-out refinance to get a lower mortgage & renovate a second property that I have owned for 8 years. I was told by one bank that I did not qualify because my original loan was modified. Another bank (this was for a 2nd) said that they did not do home equity loans on 3 family, although it is my primary residence. by eve320_479_592 from Brooklyn, New York. Jul 4th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Some people get confused and call a refinance transaction a modification.. if you did do a true modification, and you were behind on the payments prior to doing the modification, then it's going to be tough... the lender will know if you did a loan modification simply by looking at your note, and it gonna be tuff to get a lender to take a chance on a cash out when you already burned a bank for a mortgage... time heals all wounds.. so my suggestion would be to skip the cash out part and just apply for a rate and term refinance.. with the lower payment you can save over time and use that savings to fix up the other property... 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
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Generally speaking, YES, you can refinance after a modification. Where people generally run into trouble is with this is attempting to refinance at the same bank who suffered the loss on a modification. Try a different lender.
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
when you did your modification, were you still paying every month?? your payment?? and trying to do a cash out , after a modification , which you state to a lower rate?? no one is really doing home equity loans... do you have equity in your home???
Mohammad Hussain (Lyons1)
#62 ranked lender in New York - 15 contributions
Line of credits are tough these days but if you have equity in your home and no late payments since the 12/10 modification, you may have a shot. However such situations must be evaluated on a case by case basis. Please email me at mhussain@elyons.com We are a NYC based local mortgage bank that might be able accommodate your situation. Looking forward to hearing from you.
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
I do not see why not. Give my office a call 908-933-0253 and I will pair you with a refinance expert in our NY area. alternately email me at info@omegaloans.net. Thanks
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
A lot of lenders look at a loan modification the same as a foreclosure or a short sale in which case they will not lend to you again until 3 years from your loan modification.
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