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How Many Times Can You Apply For A Loan Modification?

How many times can your mortgage be modified?

Asked on Oct 9, 2010Improve / edit this question

7 Answers

Natasha Polak   L4: Guide   173 answers   +113 votes
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I helped copy-edit some articles on loan modifications last year, and I learned a lot about this process.  From what I understood of it, you only get one chance to do it.  So you have to be very diligent about finding about the steps you need to take beforehand and have all your paperwork ready for when they start asking for things.  Otherwise, if you aren't organized and have what they want when they ask for it, you won't be allowed to request another loan modification.  If you've already been in the program, I believe that you are not able to ask for another modification because of the conditions of the previous arrangement.  Definitely the most crucial part of the process is in writing a convincing letter to the lender/bank stating why you want a loan modification and how you plan on being able to keep paying your mortgage with a reduced payment.  If the lender can't determine that you would be able to still stay current with your payments and stick to what you promise, then they won't agree to modifying your loan.

Posted on Oct 11, 2010
savana joseph   L1: Member   80 answers   +24 votes
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Now, I can better help my clients further when they want to apply for a Loan so that it will be helpful and quite beneficial for them and for me also later.

Posted on Apr 7, 2011
kathy Adams   L1: Member   72 answers   +28 votes
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But, I would like to know is there any alternative instead of applying more and more time for loan modifications.

Posted on Apr 7, 2011
savana joseph   L1: Member   80 answers   +24 votes
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I would like to understand one thing how it will be beneficial for others to understand different ways of applying for loans. Like, maximum people today are refinancing so is it worth choosing refinancing rather than modification.

I am actually looking forward for knowing all the facts and details that are necessary in knowing how moification is good.

 

Posted on Apr 20, 2011
kathy Adams   L1: Member   72 answers   +28 votes
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Well, it actually depends on how permanent your last loan modification is and it is like If you got a very low rate that is fixed for 30 years, more than likely you will not be able to get another modification approve.

Knowing all the details about this will be worth applying for another loan modification.

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Posted on Apr 27, 2011
savana joseph   L1: Member   80 answers   +24 votes
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Loan modification is the best in terms of getting updated with the best one can do and it depends on many things and accordingly it will be helpful and worth.

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Posted on Apr 30, 2011
Julie Scott   L2: Contributor   25 answers   +5 votes
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Personal finance is my specialty! I can tell you in theory as well as personal experience that you can request re-modification after a year has gone by. You can show that this is a strain on your budget, especially if you need to miss a payment during those 12 months. You also need to explain that the first modification was not written to expectations and is having a negative impact on your quality of life. The terms of modification changed January 2010 and again January 2011, which is good.

Read the guidelines for the current program, which (I believe) is called HOPE for HOMEOWNERS. Make sure you reference a .gov site for the information. Too many wannabees are out there just waiting to take your money. The government has agencies set up regionally that help homeowners for FREE. If you know what kind of a mortgage you currently have, you can go to the site that handles it: Freddie Mac, Fannie Mae, FHA or VA. Hopefully, it's one of the last two I mention!

I hope my information proves helpful and that you are successful in obtaining the modification that is most positive for your situation.

Posted on May 3, 2011

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