Is it Possible to Refinance after you get a Loan Modification?
Well, ofcourse yes. It is possible to refinance even after you get a loan modification. The first best option to avoid foreclosure is the Loan Modification. If you haven't done the loan modification of your mortgage loan yet than Download this 60-Minute Loan Modification workbook and do it by yourself. Later on you can anytime go for a Refinance option.
Generally speaking, a bank should refinance your loan if you have a reasonable amount of equity (after the huge drop in values). Typically they look for about 20% equity, good credit and strong proof of income to refinance your loan. With lower interest rates, this could be a very good option for some, but certainly not for the majority of people who are under water on their mortgages.
If you are looking to consolidate your home equity loan into one payment you will need to apply for refinance. Depending on how long ago your loan was modified and what kind of credit you have, you may be able to refinance the property into one consolidated payment. You can contact your lender directly with borrower authorization and have someone walk you through your current options at your bank.
The US Housing market is in very trouble right now. And that's why the government and the mortgage companies are promoting the combination of different kind of options to stop foreclosure of your property. You can take the advantage of all of these options to prevent foreclosure of your home.