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Can we get approved for a new mortgage after successfully getting approved for a loan modification o

We had a 1st and 2nd mortgage on our house and in 2010 we were experiencing a financial hardship and got behing on the payments on the 2nd mortgage. So the lender called us and offered us a loan modification in order to bring the account current. We sold the old house in February of 2013, leased a newer and bigger house for our growing family and now trying to get the mortgage on this new house but the Underwriter has requested to see when we actually applied for the loan modification with the 2nd mortgage company and if it was financial hardship.  The UW states that for an FHA, HUD rules state that if a borrower has modified a mortgage, they must wait 3 years to obtain a new mortgage if it was a hardship and 4 years if it was not a hardship.  Does anyone know it that rule is true? And, why does it matter, we have the mortgage off AND sold that property and the modification was done 3 years ago.
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June 27 2013 - Oklahoma City
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I recommend contacting a local Mortgage Broker in your area who works with multiple lenders, each lender may have different loan programs available based on certain situations and this could increase your chances for getting a loan
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July 03 2013
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I am in the same situation and would like an answer too!
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July 03 2013
 
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