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Refinancing after a loan modification

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

admin31's picture
admin31 | Joined: January 26, 2009 01:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think Smith had a good answer.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

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

Doesn't an interest rate go down after a loan modification?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Read the fine print on your loan modification agreement. See what it tells you about terminating the loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

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

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).

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

niti.18agarwal's picture
niti.18agarwal | Joined: July 21, 2011 11:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

When can i ask for a loan refinance after modification?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:27 | Post subject:

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