Fannie Maes current (august) guidelines say:"Modified MortgagesA modified mortgage is a loan that was legally modified after loan closing in a way that changedany of the loan terms or attributes reflected in the original note.
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loan modification conditions. You’re more likely to obtain a refinance if your loan modification entailed a temporarily or permanently reduced interest rate, a loan-term extension, or deferment, in which the lender tacked missed payments or interest on part of the principal balance to the back of the loan.
Consider the debt you want to refinance. You can include a first mortgage and an equity loan or credit line, as well as any other higher-interest debts such as car payments or credit card balances.
I am a loan agent in California and yes, you can refinance after chapter 13 or during 13 and one day after 13 or 7. A low Fico should be OK. You will need a specialized broker who understands how.
Can you refinance more than once under the government’s HARP. – Can we refinance under HARP again? We have a home loan that we refinanced about 18 months ago at 4.75 percent under the government’s Home Affordable Refinance Program and decreased our monthly.
If any of these components occurred on the modified loan in question, it’s likely going to result in the denial of a new refinance under HARP. put another way, the only modified type of loan eligible to be paid off with a HARP Loan, is a modified loan that only had a reduction in the interest rate.
First HARP refinance. Unless the rules change, and with one small exception, you can do only one HARP refinance and, once granted, you cannot refinance through HARP again. However, if after the HARP Refinance, you have problems making the payments, you can always at a later date apply for a short sale.
You can refinance into an ARM loan if you currently have an ARM. For instance, you received a 10-year adjustable rate loan nine years ago and it is about to adjust. In this case, you can refinance into a new ARM with HARP. This will keep your payments lower than if you refinanced into a fixed rate.