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How can i refinance my home that already has modified loan from April 2009?

My home loan was modified in April 2009 to a 2% intereset rate. I have fallen behind in my mortgage..I have recently married in June 2010. Is it possible to refinance this loan to add my husband to the mortgage? or is it possible to short sale this home and get into another with my husband&I as borrowers? I am not in foreclosure..what are my options? or do I have any? 
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December 01 2010 - Upper Marlboro
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Answers (14)

Profile picture for zuser20140604130841958
I would like to refinance and currently have a modification. I had the modification for almost 4 years and want to do something before I hit the 5 year mark and the interest rate goes from 6.25% to over 8%. I tried talking to lenders and they just turn me away because I'm under water, have a conventional loan and a loan modification. Is there any help out there for people like me?
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June 04
Your 3 year waiting period is up and you can refinance your home now.  Please let me know if you need help.
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April 03
Profile picture for LisaMariePeterson
I agree with the rest of the answers here.  I was not aware that a modification could be for a short period of time.  We modified our loan and it is for the term of the loan.
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March 18
Profile picture for user46580022
What most of you guys don't understand is the 2 percent is just temp for 5 years.  After 5 years, payments goes back to the original interest rate with a higher payment than before the modification. During the modification you are really only paying interest, nothing goes to your principle.  After the temporary modification period end, you are hit with your original interest rate, plus a loan that is bigger than it was 5 years prior to your modification.  When you chill for 5 years paying interest only, your principle and fees get tacked on to the original loan at the end of the modification period and you end up paying a higher monthly mortgage than you where paying before.  

I am living it right now.  I am now trying to refinance.  My home payments  are current, my credit is good.  Where do I go from here?
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May 07 2013
Profile picture for sunnyview
Many modifications were not structured well. They looked more like a bad furniture store finance contract with their introductory rate than a fixed mortgage. If you can no longer afford your house, you need to either contact the bank and get the loan modified with a permanent interest rate or make a deal with them to walk away with a short sale or deed in lieu.

The bank is in busines to make money. They did not want those underwater houses to keep hitting the market during the credit crunch. Now they don't care if you keep your home or not. If you cannot afford the payment, get legal advice now and then make your best decision. The bank would be happy to get 6% from you. You may be better off letting the house go and rebuying in 2-3 years especially if the house is underwater by a significant amount.
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March 20 2013
Profile picture for user49929888
I also would like to refinance my modified mortgage. I modified it three years ago but the rate is going up every year and I have a feeling it will go up to the original mortgage rate of 8.6%. I need to refinance and citimortgage is not being helpful. I am not late on my payments I was making payments all the time even when the loan modification process was being done. I was struggling to make the payments.
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March 20 2013
How much is the home worth and what do you owe? Who is your current lender? When was your last mortgage late?  Is the 2% rate fixed or adjustable?  Do you have money to put down on a new home?
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December 08 2010
I agree with the other comments.  A modified loan of 2% is too unbelievable to be true and should be worth trying to hang on to.  Was the modification done for only a short period of time where it is going to be returning to the original rate soon?  I know sometimes banks do that.  If so, then that is another story, but if not, hang on to it and get on a serious budget or something to help pay the 2% loan even if your new husband makes the payments.  You will NEVER get that rate again ever for a house.  Good luck, I wish you the best.
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December 08 2010
Profile picture for wetdawgs
You are incredibly lucky to have a 2% loan.  What are you looking for that is better (it isn't likely to happen)?   If your husband is part of your family now, he can contribute to payments even without being on the loan. 
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December 08 2010
You are blessed to have a loan modification of 2%.   Why do you want to refinance. You will have to incur in refinancing charges, will get a higher interest rate and since you are behind they are unlikely to refinance.

You don;'t need to get your husband on the papers for him to pay the bill with you . Honestly what you and your husband need is a come to Jesus talk to see why you cannot afford to pay a mortgage which such a low interest rates. 

I will cut spending in all areas and pay the mortgage, you are not going to probably even find a rental for what you are probably paying now.

How many persons which they could get a a modified loan at 2%/



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December 08 2010
Profile picture for sunnyview
No you can't refinance and why would you want to? 2% is far below even a rate on an ARM.  If you short sale this house, you will be unable to buy for at least another 2-3 years while you repair your credit and become FHA eligible again.

Your options are running out. If you are on a loan modification and cannot afford it, you need to be honest with yourself now. Talk to an attorney about your legal options, your lender about options with them and a real estate agent about the value of your home vs the mortgage amount now.

Adding your husband to the mortgage is a bad idea. Get financial and legal advice now so you can make the best decision for your situation.
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December 02 2010
I agree with the other posts here... refinancing certainly won't get you better terms.  Is there some other reason that you are not happy with your current home?  Even if your husband buys one on his own the payments are probably going to be higher unless you are downsizing significantly.
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December 01 2010
I think the real question should be, Can you afford your home and/or lifestyle?  2% is about as cheap as it gets.  Seems like credit counseling may be helpful. 
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December 01 2010
Why would you want to refinance out of a 2% rate?    New rate and payment would be considerably higher and you are behind as it is.

Sure, short sale would be possible, but then you could not be on a purchase loan for at least 2 years.    If your husband has enough income, he might be able to purchase something on his own.
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December 01 2010
 
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