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We have a loan modification. What are our chances of getting another mortgage once we sell our house? find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Will I ever be able to refinance after a modification? I did a loan modification 12/2010, since then I have paid my mortgage on time every month. I recently tried to do a cash-out refinance to get a lower mortgage & renovate a second property that I have owned for 8 years.
FHFA Streamline Modification is limited to Fannie Mae and Freddie Mac loans. You must be delinquent at least 90+ days to qualify. The HAMP modification (you must. that is a big IF – then the.
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A home modification is a change in the terms of the loan made by the lender. The modification usually occurs because the homeowner can’t meet the original terms of the loan or because a loss in the value of the home means the homeowner has little or no equity. No hard and fast rule says you can or can’t refinance after a loan modification.
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If you’ve had a home loan modification, you’ll need to meet certain requirements to be eligible for a new mortgage.. I don’t seem to be able to find someone who will refinance after a.
Fannie Mae combined elements from its standard and streamlined modification programs, along with HAMP, to create the Flex Modification program. This type of modification can be applied to all mortgage delinquencies and those loans that are in imminent default, which means the homeowner is current or less than 60 days late on payments.
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Homeowners who received a HAMP modification and make timely payments on their modified loans receive incentive payments. For every month you make a payment on time, you will accrue an incentive that reduces the principal balance on your loan.
Even after this, you may still be able to sell your house with these changes.. Borrowers Can Sell After Modification.. you still have refinance options to tide you over during tough times.
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