Loss Mitigation Blog

Whether I can Apply for a Re-Loan Modifcation on the Same Loan? This is a common question people ask after not being able to get a better deal first time around.

If your first loan modification application has been approved and done then there is little chance of receiving a modification for a second time. There are a few lenders which allow for a second time loan modification, but these are few and far between.

Once you mortgage has been modified you may also not qualify for a loan modification through Home Affordable program. This is one of the first rules established with the program. It is for this reason alone that when you apply for a loan modification you should get it right the first time.

Loan modifications consist of a lot of paper work. Lenders want to review your financial situation to determine where the loss of income came from, will it be permanent and will you be able to pay the mortgage once the loan is modified. If you are not comfortable with managing paperwork, like many of us are not, it is advisable to seek a qualified help especially if you are not sure to make it right yourself.

Related Posts : Loan Modification, Re Loan Modification, Second Loan Modification