Home Loans and Support

Can loans be modified more than once?

Discussion in 'Loan Modification' started by aruna, Dec 10, 2009.

  1. aruna

    aruna LoanSafe Member

    We needed urgent help with our budget real quick, and so accepted the loan mod offered by our 2nd Mortgage for $150 less. We have to say our acceptance to our first mortgage offer within a week which is only $90 less.
    We tried everyway we could and this is the best offer we received from both lenders. However we want to do better on our loan mods.

    If our loans are modified by the lender this Dec, Can we still try for a better loan mod later. We are planning to get help from NACA in Jan. Will it work?

    I read different things on Internet. Some say Loans can be modified only once until 2012. Some say no new modifications atleast for a year. Which one is true?
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hi Aruna,

    I believe they mean your loan can only be modified once under the HAMP program.

    Yes it is possible to achieve more than one modification as I have seen this happen quite a few times. But one thing about this is most lenders will require you wait one year until you can reapply for another modification. I would suggest to call in and ask this question..

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