can i get a home equity loan after a modification

BEST ANSWER You can get a mortgage after a loan modification. You can’t have any late payments within the last 12 months. Most of the time loan mods involve missing a few payments or making a few partial payments in order to get the bank to consider a loan mod, however sometimes they do not.

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Generally, conventional mortgage loan guidelines require you have 24 months of payment history on the subject property (the property you want to get a new mortgage on) since the date of the modification, or 12 months of payment history if you trying to finance the non-subject property.

As a general rule, you tend to modify a loan when your credit is bad enough that you can’t refinance the loan – so your lender changes the terms of how you’re borrowing for this current loan, so you can get back on your feet and continue paying off the loan. As Steven Hinrichs, a plumber in Willernie, Minnesota, found out, this almost always means that while your payments may become lower.

It’s usually up to the primary lien holder or mortgage holder as to whether a person will be permitted to refinance a home loan after obtaining a loan modification. If a homeowner hopes to consolidate his or her home equity loan into a single payment, this will require applying for refinancing to accomplish that goal.

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How to get a home equity loan after bankruptcy. Keep in mind, a bankruptcy can remain your credit report for up to 10 years and seriously drag down your credit score, which might hinder your ability to qualify for a HEL. If you want to improve your odds of getting approved before that 10-year waiting period is up, start working as soon as possible on improving your score.

If they get behind on their payments, a reverse mortgage may still be a viable loan modification option. Unlike refinances or home equity lines of credit, for example, reverse mortgages don’t have.

If you’ve had a home loan modification, you’ll need to meet certain requirements to be eligible for a new mortgage.

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All those “interest-only” home equity loans (HELOCs) that were taken out. But before you can get any government help refinancing your. But the HAMP program is just a modification of the terms of the. However, the total mortgage debt cannot exceed 115 percent of the home's value after the refinance.