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Profile picture for struess

I already had a loan modification done last year, but the payments are still a little hard due to al

I already had a loan modification done last year, but the payments are still a little hard due to all my other bills. Can I get another loan modification done under Barrack Obama's plan?
  • April 08 2009 - Ewa Beach
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Answers (8)

Profile picture for rosevtoscano
YES YOU CAN I HAD A LOAN MODIFICATIO N LAST YEAR TWO AND I WANTED TO GET THE OBAMA ONE SO INVESTIGATE AND THERES THIS COMPANY THAT DID IT FOR ME THE NAME IS SMARTWAYONE FINANCIAL YOU CAN LOOK FOR IT IN SMARTWAYONE.COM FOR MORE INFO
  • August 06 2009
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Profile picture for psrodeo
Hi-
I can tell you from personal experience that i have had 2 mods in less then a year.

My first mod, just added the late payments to the loan and raised my payment a bit. 6 month later i applied for another mod under the Attorney General Settlement w/ Countrywide. I was given an interest only mod, for 10 years then it goes back up to 8% fixed. Not that great really. It did lower my payment but i will be back in the same situation. My payment is still unaffordable.

So now i am applying and in proces for the Making Home Affordable Mod. I am trying to get my loan in a fixed rate and and at the target 31%.
  • August 04 2009
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Under the HAMP guidelines, you are allowed to modify even if you have done so in the last year. There are no restrictions on the program. However, under traditional terms, banks generally do not modify more than once a year. Thats not to say it isnt possible, but most likely not. Go to makinghomeaffordable.gov to read more about the HAMP and see if you qualify. You can check out my profile if you need additional resources. Best of luck
  • July 07 2009
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Profile picture for Modification Secrets
It depends on how long ago the modification was done last year.  Generally you have to wait one year.  In rare circumstances lenders will do it again inside of a year depending on what program they put you in last year.
  • July 07 2009
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You should contact your lender to see what your options are and see if you qualify for a new mod. Dealing direct with your lender will save you $$$. You may also want to see about getting your debts consolidated and or paid off using a debt settlement company, attorney or consumer credit counseling.
If you need further assistant I'd be happy to help.
Good Luck
  • July 06 2009
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Profile picture for FinancialResources
The minimum is one year between modifications....Best wishes
  • July 04 2009
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There are a lot of factors to consider and the plan is just that, A PLAN.  It's execution may not be exactly what you think.  It is only for Freddie Mac &Fannie Mae loans and the criteria will have to be met.  You should talk to a mortgage or loan officer that is familiar with doing these.  If you don't know one, I can refer you to one.  Getting help is free but getting out of debt will require sacrifice.
  • July 02 2009
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Profile picture for Clearpoint
You can still try to modify your mortgage under the Obama plan, it's a one shot deal under that plan meaning if you need more help your out of luck.  Realize that you may be eligible under the plan is far different from being approved, that will be determined by your lender and no one else. 

Have you incurred more debt since your modification?  Has your income changed?  these are just some of the things your lender will want to know.  Maybe it's time to think about selling and finding something that you can afford and payoff your other debts.
  • April 08 2009
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