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can we be approved for a loan modification second time?

our loan was modified last year in october. our payment was reduced to $3,650 from $4,100. the new payment is 41% percent of our monthly gross income. under president obama guidelines, payment should only be 31% of of monthly gross income. can we asked for a second modification based on the new guidelines?

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sally,

You can definitely apply for a loan modification again with your lender. It would be your lender's discretion whether or not he would agree to your request. He would judge your financial situation and decide whether he would grant you another loan modification.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can do loan modification for second time retire man 1800 amonth income and other income of 1100 amonth totall income amonth of 2900 totall

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi emanuel,

It will be the lender's discretion as to whether or not he will consider your request for loan modification. If he is satisfied by your income, then you can expect positive results.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

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