Is it possible to refinance after you get a loan modification?
February 11th, 2010
| Tags: after, loan, modification, possible, refinance
I recently got a loan modification and it is going great. However, I am interested in refinancing to include my home equity loan. Is that possible or can you not refinance once you have gotten a loan modification.
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It is most likely up to your primary lien holder or mortgage holder. If you are looking to consolidate your home equity loan into one payment you will need to apply for refinance. Depending on how long ago your loan was modified and what kind of credit you have, you may be able to refinance the property into one consolidated payment. You can contact your lender directly with borrower authorization and have someone walk you through your current options at your bank.
Before this recession, refinancing would have been far easier than obtaining a loan modification but the variables have changed, now refinancing a mortgage can be more difficult.
Generally speaking, a bank should refinance your loan if you have a reasonable amount of equity (after the huge drop in values). Typically they look for about 20% equity, good credit and strong proof of income to refinance your loan. With lower interest rates, this could be a very good option for some, but certainly not for the majority of people who are under water on their mortgages.
Loan modifications are becoming more available because so many resources are being placed behind these programs to help struggling home owners. But loan modifications are not available to everyone.
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Good Luck…….!