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.
Sussane
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
I think Smith had a good answer.
Doesn't an interest rate go down after a loan modification?
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
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
Read the fine print on your loan modification agreement. See what it tells you about terminating the loan.
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).
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.
When can i ask for a loan refinance after modification?
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
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
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.
Of course, you could be one of those unfortunate souls whose modified payment is just about equivalent to the regular payment being modified.