how long do you have to wait to refinance after a modificati

12hoff11 · Joined: 04 Apr 2008 Posts: 1 1.27 Dollars($)

how long do you have to wait to refinance after a modification

Niicss · Posted: Sat Apr 05, 2008 1:33 am Post subject:

Welcome 12hoff,

You may not refinance just after loan modification. You may have to wait at least for a year for refinancing after you have done loan modification.

You may shop a bit for lenders and see if anyone can approve you for refinance the mortgage with better rates and terms.

Let me know if you have any more queries.

Guest 0.10 Dollars($)

Hi,
I voluntarily dismissed myself from a chapter 13 BK back in January. I am behind in my payments by 3 months and I am in an ARM that is adujusting every 6 months.

I have a 1st and 2nd on the house. I can have the loan modified -- but would rather refi if I can as I understand I will have to wait a year before I can refi under a modified loan.

I owe 204,000 on the house. It would appraise between 192,000.00 and 265,000.00 based on recent comps of the area.

Is a refi even an option at this point? How about the FHA Secured loan program?

Your feedback is appreciated.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi,

If you have modified the mortgage then you will have to wait at least a year to refinance the mortgage. But if you have not modified the mortgage then you can be able the refinance.

So talk with your lender and see can he help you out to refinance the mortgage. Surely FHA Secured loan program is good option. BTW you have to pay prepayment penalty if you refinance the mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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