Question : Is it possible to refinance after you get a loan modification?
I recently got a loan modification and it is going great. However, I am interested in refinancing to include my home equity loan. Is that possible or can you not refinance once you have gotten a loan modification.
- asked by Sally
All Answers:
Answer #1
It is most likely up to your primary lien holderor mortgage holder. If you are looking toconsolidate your home equity loan into one paymentyou will need to apply for refinance. Dependingon how long ago your loan was modified and whatkind of credit you have, you may be able torefinance the property into one consolidatedpayment. You can contact your lender directlywith borrower authorization and have someone walkyou through your current options at your bank.
- answered by foreclosurefish_com
Answer #2
Before this recession, refinancing would have beenfar easier than obtaining a loan modification butthe variables have changed, now refinancing amortgage can be more difficult.Generally speaking,a bank should refinance your loan if you have areasonable amount of equity (after the huge dropin values). Typically they look for about 20%equity, good credit and strong proof of income torefinance your loan. With lower interest rates,this could be a very good option for some, butcertainly not for the majority of people who areunder water on their mortgages.Loan modificationsare becoming more available because so manyresources are being placed behind these programsto help struggling home owners. But loanmodifications are not available to everyone.To Getmore best solution
http://www.iloanshop.com/loan_modification_stop_foreclosure.phpGood Luck.......!
- answered by George L
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