how many loan modifications can you get

Best answer


No legal limit

People also ask


  • How many times can a loan be modified before it expires?

  • The mortgage loan must not have been modified three or more times, regardless of the loan modification program iii. The mortgage loan must not have received a Flex Modification and become 60 days or more delinquent within 12 months of the modification effective date without being reinstated.

  • What are the requirements to get out of a loan modification?

  • The mortgage loan must be delinquent or in imminent default ii. The mortgage loan must not have been modified three or more times, regardless of the loan modification program iii.

  • What are the advantages of a loan modification?

  • Reduced interest rate: A loan modification could lower your interest rate, which lowers your monthly payment and could reduce the amount of interest you pay over the life of the loan.

  • Do you have to pay back a loan modification?

  • Paying back a loan modification will depend on the type of modification you are given. 鈥淵our lender can apply a reduced interest amount to your loan鈥檚 principal on the backend that you must later pay back,鈥?says Condor. 鈥淲ith a principal deferral loan modification, your lender reduces the amount of principal paid off with each payment.

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