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.
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4 Responses to “Obtaining a Second Loan Modification – is this Possible?”
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
CORPORATE BROKER’S LICENSE #01858172
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
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 !!
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 ?
Good Afternoon,
In July of last year, I was granted a loan modification from CitiMortgage. It lowered my mortgage by about $150 per month. That helped, but not really. I am several months behind on my mortgage currently and facing foreclosure, although, the process has not yet been initiated. I have very stable employment, gross earnings roughly $100,000 per year. I love my home, and want to keep it, and believe I can do so reasonably. Any help you could provide would be greatly appreciated!! (732) 991-3135