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Company Loan Type APR Est. Pmt.

Refinancing after a loan modification

Posted on: 15th Jan, 2009 10:36 am
how soon after a loan modification can i refinance to take cash out?
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.

Posted on: 15th Jan, 2009 09:31 pm
I think Smith had a good answer.
Posted on: 10th Feb, 2009 03:05 am
Doesn't an interest rate go down after a loan modification?
Posted on: 22nd Mar, 2009 11:03 am
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.

Posted on: 22nd Mar, 2009 09:54 pm
Read the fine print on your loan modification agreement. See what it tells you about terminating the loan.
Posted on: 29th Mar, 2009 07:53 am
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).
Posted on: 16th Jun, 2011 10:07 am
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.
Posted on: 16th Jun, 2011 11:15 am
When can i ask for a loan refinance after modification?
Posted on: 16th Aug, 2011 09:03 pm
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.

Posted on: 17th Aug, 2011 09:30 pm
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.
Posted on: 21st Aug, 2011 03:02 pm
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