Zillow Advice: Refinance - can you refinance and pull cash out after getting a loan modification? http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ Zillow Advice | Zillow Real Estate This would depend on multiple ... http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ This would depend on multiple things: 1) How much equity do you have in your home? &nbsp;When taking cash-out there are limitations. &nbsp;These limitations vary based on the type of loan you are requesting. &nbsp;Conventional loans are capped at 80% loan to value, FHA loans are capped at 85% loan to value, and VA loans are capped at 100% loan to value. &nbsp;The loan to value (LTV) is the relationship between your property's value, and the amount you owe on that property expressed as a percentage. 2) Was your modification done through HAMP, or was it just a lender specific modification? &nbsp;If it was done through HAMP, which means it will report to credit as a modification. &nbsp;If so, you will not be able to reach your goal. &nbsp;If it was a lender specific modification, you have a much better chance of getting this done, as long as you have the required amount of equity in your home, as mentioned above. &nbsp;3) You most likely received a modification because of a hardship you are facing, or were facing at that time. &nbsp;In most cases, it's a financial hardship. &nbsp;Hopefully it doesn't, but if this hardship still exists, it will be difficult to qualify. &nbsp;All the best!&nbsp; Fri, 20 Sep 2013 15:16:00 GMT http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ 2013-09-20T15:16:00Z I got a loan mod on my house ... http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ I got a loan mod on my house in a few months ago for 1st and 2nd loans. &nbsp;I want to do a cash-out refi again to combine my loans. &nbsp;Is there a waiting period for me? &nbsp;Can you refer some of the lenders to me?<br/><br/><br/>Thank you,<br/><br/>Jennifer Fri, 16 Jan 2015 17:11:00 GMT http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ 2015-01-16T17:11:00Z ok yean thats what i thought ... http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ ok yean thats what i thought as well. Brandon thank you for the big reply, it was really informative and helpful even though amerifi mortgage told me the same thing. I guess i have to wait for now because it wouldn'tmake sense to refinance and take my rate of 2% higher to pull more cash. Is there any lenders out there that can do a heloc with a good rate even after i did a loan modification? Wed, 25 Sep 2013 19:55:00 GMT http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ 2013-09-25T19:55:00Z Did you get a principal reduction ... http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ Did you get a principal reduction as part of your modification? If so, you better read the fine print pertaining to your ability to sell for a profit or pull cash out. Thu, 19 Sep 2013 22:41:00 GMT http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ 2013-09-19T22:41:00Z With 3% on your modified ... http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ <p>With 3% on your modified loan, you should look into getting a separate second loan, Home Equity Loan or Home Equity Line of Credit.&nbsp;&nbsp; That would be more sensible than a full refinance which IF you could qualify for would end up raising your interest on what I suspect would be the considerable majority or the debt (current mortgage loan vs amount of cash you want).<br/><br/>To answer the question, modified loans can be refinanced under certain circumstances, one of which is usually 24 months of payments made timely after the modification.</p> Thu, 19 Sep 2013 19:13:00 GMT http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ 2013-09-19T19:13:00Z might depend on the income ... http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ might depend on the income and your credit score. Thu, 19 Sep 2013 18:47:00 GMT http://www.zillow.com/advice-thread/can-you-refinance-and-pull-cash-out-after-getting-a-loan-modification/512025/ 2013-09-19T18:47:00Z