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Can I purchase a home after I received a modification? I plan to sell my current home in 2 years.

  • January 21 2013 - Riverview
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Answers (3)

Let me add here one little thing. The financial markets are changing. They are making positive changes in all that we have gone through over the last few years. With these changes we are seeing lenders being more flexible. If you think at any time you might be able to make a move, just simply ask. Talk to your bank and see what they might be able to do. So many of us have been damaged in this market. That being said, changes are being made to help those who have been damaged...through no fault of their own. Just ask...you never know until you check it out whether or not a move can happen sooner.
  • January 22 2013
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Yes we did experience a hardship. I figured that would be the case.    At the time, my husband and I both lost our jobs 1 month apart.  Bank of America (our now previous loan provider) was not budging and outright refused to work with us and give us a modification.  Since then, another company took over the loan and approved us for the modification.  But now that I know that they may require us to prove our credit worthiness before allowing us to purchase another home, I think we'll go ahead and wait 3 years before we try to purchase again.  Thanks for your help!!!
  • January 21 2013
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Profile picture for Ofe Polack
I had a buyer two years ago, who wanted to purchase a property 14 months after a loan modification without knowing that the loan modification impacts on the credit.  The reason is that in order to obtain a loan modification you must demonstrate some type of hardship.  The buyer had to wait 2 full years before a lender will give him a loan.. 
  • January 21 2013
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