can i get a home equity loan after a modification

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On a Making Home Affordable loan modification, you have to be approved twice. First, when applying for a "trial modification," a three-month period designed to see if you can manage the new payment schedule, and second for a "permanent modification" after successfully completing the trial period.

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How to Get a Mortgage After a Loan modification. advertiser disclosure.. income changes or loss of home equity. If you have a loan modification but want to move and buy a new home, here’s. You can refinance a modified home loan depending on your current financial conditions, the terms of the modification and how much time passed since.

Mortgages and home equity loans are both loans in which you pledge your home as collateral. The lender can seize your home if. you take out a home equity loan after you have equity in the property, If you are planning on receiving a loan modification, it’s assumed you’re expecting to stay in your house for a while.

If you’ve had a financial hardship, you may qualify for a modification to your home equity loan or line of credit term, interest rate or monthly payments, or a combination of these.

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There is a one year mandatory waiting period after a loan modification to qualify for fha home loans borrowers need to have made mortgage payments on time for the past 12 months No late payments is allowed Lenders also do not want to see any late payments with any other debts after a loan modification

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.

Home equity loan investors want to get paid before other more senior loans are modified, and that’s a huge sticking point. That can leave homeowners in legal limbo as they try to make financial plans, but have no idea whether their loan modifications will be approved.