Refinancing after a loan modification

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wyperry

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Post Posted: Thu Jan 15, 2009 11:36 am    Post subject: Refinancing after a loan modification
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How soon after a loan modification can I refinance to take cash out?
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Icon Mini Profile smithsussane
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Post Posted: Thu Jan 15, 2009 10:31 pm    Post subject:
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Hi wyperry!

Welcome to forums!

After a loan modification, you may have to wait for 8-12 months to get a refinance. It may also depend upon your lender whether he will be ready to refinance or not. However, you can even check out with other lenders as well who may help you in refinancing the loan. By the way why do you want to refinance the loan after a loan modification? Have your monthly payments increased after the loan modification?

Feel free to ask if you have further queries.

Sussane
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Post Posted: Tue Feb 10, 2009 4:05 am    Post subject: Refinancing after a loan modification
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I think Smith had a good answer.
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sandi

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Post Posted: Sun Mar 22, 2009 11:03 am    Post subject: interest rate
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Doesn't an interest rate go down after a loan modification?
Icon Mini Profile jameshogg
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Post Posted: Sun Mar 22, 2009 9:54 pm    Post subject:
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Hi sandi,

Yes, the interest rates may go down after a loan modification. However, as the interest rate goes down, the term of paying off the loan increases. Moreover, you should also note that the past due payments will also be added to your new payment plan which may increase your monthly payments.

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Icon Mini Profile eric1
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Post Posted: Sun Mar 29, 2009 7:53 am    Post subject:
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Read the fine print on your loan modification agreement. See what it tells you about terminating the loan.
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slimygator

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Post Posted: Thu Jun 16, 2011 10:07 am    Post subject: refinance
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Who will refinance my Mortgage after a Modification to save home during a nasty divorce. Now need to get ex wife name off mortgage. ( payments were late due to divorce).
Icon Mini Profile gmakerley
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Post Posted: Thu Jun 16, 2011 11:15 am    Post subject:
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Slimy, obtaining a refinance might present a goodly sum of difficulty. Modifications, done as a result of financial problems, won't be much of a starting off point for credit references to the new lender. Now if you have a lender in your pocket who's open-minded, compassionate and grateful for your potential business, then you may well get away with your plan. Sorry for the words, "get away," but that's kind of what your plan is about.
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Icon Mini Profile niti18agarwal





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Post Posted: Tue Aug 16, 2011 9:03 pm    Post subject:
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When can i ask for a loan refinance after modification?
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Icon Mini Profile smithsussane
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Post Posted: Wed Aug 17, 2011 9:30 pm    Post subject:
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Hi niti18agarwal!

Welcome to forums!

After you have paid the mortgage lender for few months as per your loan modification plan, you can contact your lender and ask for a loan modification. It will depend upon the lender whether or not he will consider your request.

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile gmakerley
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Post Posted: Sun Aug 21, 2011 3:02 pm    Post subject:
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Sensible...more than likely, though, it'll take a lot more than "a few months" for the lender to consider a refinance. And with modifications, the terms are pretty favorable for a borrower, so why mess with what might end up being a good thing.

Of course, you could be one of those unfortunate souls whose modified payment is just about equivalent to the regular payment being modified.

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