Selasa, 23 Februari 2010

How Many Times Can you Do a Loan Modification?

How Many Times Can you Do a Loan Modification?

Many struggling home owners in the United States are approved for the Loan Modification by their lenders which comes under President Obama’s “Making Home Affordable” Program. Well, if you are approved for the loan modification for the first time than Congratulations. This is because not many people are getting approved for the loan modification.

Now, the question is, Is it possible to do the another loan modification to keep the same interest rate of your mortgage loan? And if yes than how many times you can do it?

Well, my straight forward answer is that, Yes. You can once again do a loan modification for your mortgage loan. There is no as such limit for it. The only criteria is that, you should get approved for it by your lender. If you always get approved by your lender, you can do it “N” number of times.

However, getting approved for the loan modification second time on the same mortgage is little bit difficult. But well, it’s not the impossible as well. What I advise you is that, Download 60-Minute Loan Modification workbook by California based Mike Rockwood. This is because Mike is very experienced person and he successfully modified his 5 properties with different lenders in California. So I am sure that you will find the information for doing second loan modification from his workbook.

Don’t spend thousands of dollars behind the loan mod companies. You can do it by yourself if you have the proper information.

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