Posted on: 14th May, 2009 12:09 pm
can you get a loan modifiation twice in one year
Hi gwaresmith
As far as I know, you won't be able to go for a loan modification twice in a year. However, I would still suggest you to speak to your lender once in this regard.
Thanks.
As far as I know, you won't be able to go for a loan modification twice in a year. However, I would still suggest you to speak to your lender once in this regard.
Thanks.
is there any help out there for my situation
Hi Guest!
Welcome back to forums!
As Niicss has suggested, you will have to speak to your lender in this regard. Giving a loan modification for the second time would be totally the lender's discretion.
In case, if the lender is not ready for a modification, then you can apply for a short sale. However, in this process you would lose the property as the lender would sell it off and recover the dues. But you will be liable for the deficient amount resulting from the sale of the property.
Feel free to ask if you have further queries.
Sussane
Welcome back to forums!
As Niicss has suggested, you will have to speak to your lender in this regard. Giving a loan modification for the second time would be totally the lender's discretion.
In case, if the lender is not ready for a modification, then you can apply for a short sale. However, in this process you would lose the property as the lender would sell it off and recover the dues. But you will be liable for the deficient amount resulting from the sale of the property.
Feel free to ask if you have further queries.
Sussane