Obtaining a Second Loan Modification – is this Possible?

July 16, 2009

This is a common question that we field here at Loan Mitigation Advocates from prospective clients. These calls typically come from borrowers who went through the loan modification process with another modification company or used the lender directly and had insignificant results.  In most cases, these borrowers were unhappy with the result of the granted modification.  The modifications created little to no impact on their monthly payment and in some cases raised the monthly payment. We do receive a smaller percentage of calls that come from individuals who received just an adequate modification.  However, since the time of the granted modification these individuals have fallen under more dire circumstances and need a further reduction to take place.

The bottom line answer to the question of whether another loan modification is possible is that it depends.  All loan modification agreements are not created equal.  They are different and the need to thoroughly understand your contract is critical. Primarily, you are looking for any verbage that restricts your ability to obtain another loan modification.  If there appears to be nothing in writing within the contract, the next step is to contact the lender directly to see if they have any internal policy that prohibits a second loan modification within a certain period of time.  If a restriction exists, the period of time that needs to elapse before another modification can be granted is typically around 1 year.

At Loan Mitigation Advocates, we do not accept advanced fees and we would be happy to look into this situation for you. We are focused on working with the lender to obtain a long-term solution that benefits you, the borrower.  The mediocre quick fix or a temporary band-aid for your financial situation is not what we are after.  As an operating goal at Loan Mitigation Advocates, we seek to secure a loan modification for our clients that is impactful enough to alleviate the need for a second modification down the road.

Comments

6 Responses to “Obtaining a Second Loan Modification – is this Possible?”

  1. sonia on May 25th, 2010 5:59 pm

    8 months ago i got a modification by my lender but i am still struggle for the payments, i have 2 loans with this lender , I am paying more than my property worth.
    the value of my home is only $70.000 but i am paying for a loan of $ 140.000.
    I asked the lender if they could drop the small loan with is $27.000 but he refused, the lender is Impac.
    Can I get a second loan modification? can I refinance? can i have the second loan of $26.000 removed?
    I am not late but it is hard for me to make the payments.
    I do not have enough income coming every months.
    My lender is Impac but my servicer is Bank of America
    Thank you so much for reply
    Sonia
    soniaklising@yahoo.com

  2. dan kohrs on July 17th, 2010 4:44 pm

    I recieved a loan mod from wachovia which is now wells fargo last july .,. It was not a good loan at all but they said take it or leave it . Since that time my income as a contractor is now less than when I got the 1st mod . I need advise … Thanks !!

  3. anthony costa on August 3rd, 2010 6:17 pm

    Hi, we recently recieved a loan modification on our own through the lender. the original proposal they sent us was for $1,000 for principal and interest. After our completed application they said they had to add 25% to my social security disability, including the money the children get from my SSD. the increase they added to our income caused the modification offer to go to $1400 for principal and interest. We took the modification starting May 2010 and we are current. OUR QUESTION IS CAN THEY ADD 25% TO SSD, AND IS THE CHILDRENS PART OF SSD SUPPOSED TO BE EXEMPT, NOT REQUIRED FOR ME TO REPORT AS INCOME ?

  4. Nathan Harrel on August 4th, 2011 10:40 pm

    My wife and I received a loan mod back in 2009. Our orig. payment was $2400, after the loan mod, it was lowered to $1800. This helped out a lot, but my wife and I had a baby last year, which is really expensive. MY wife had to cut back her hours and lost her OT. My company has slowed down a lot and my pay is not as much as it was. We are still current but I have had to pick up a second job. Is there anything we can do here? We do not want to lose our home, but we are not sure how much longer we can keep going.

  5. Adrian Moore on August 24th, 2011 9:12 am

    got a take it or leave it modification that barely reduced my mortgage payment. i still cant afford my mortgage payment and i am underwater in my home. i am current for now but i will not be for long. and my income had decreased sinxce i got the modification. what can i do?

  6. MANOCHER MAJIDZADEH on November 23rd, 2013 2:44 pm

    I have modified my loan 3 years go, adjustable loan, starting rate 2% and after 5 years to 2.75 and after 8th year to 5.5%.

    I am not behind my payment but struggling paying the mortgage because over 50% of my income goes to paying the mortgage.

    I like to know if I can modify my mortgage again?

    Thank you

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