Forgotten Your Password?

Need to Register?

Question Icon

can a mod agreement combine a two different loans a first and second into one loan from two differnet banks .

First mortgage from one lender is 500,000 the second is 62,000 both different comapnies. Can the mod literally combine the two and have a new amount of 562,000 for the new amount under the mod? but the two still are owned by the two separate companies with in the mod? by signin_895_129 from Beacon, New York. May 20th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

First let me say that a lot of people refer to refinancing as "Mod's" or "Modifications".. If your refinancing, then yes, you can combine 2 loans into one, providing you have sufficient equity, and your loan scenario falls within the Loan to Value (LTV) requirements for your lender. If your referring to an actual Loan Modification, where the lender is leaving the existing mortgage in place, but they are modifying the terms, such as lengthening the term, or lowering the interest rate or reducing the principal, then the answer is no.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 20th 2013
1
0
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Based on how you phrased your question, NO. A loan modification modifies an existing loan. The holder of the first mortgage might be willing to modify, but would not be willing to assume any of the responsibility for the balance on the second. Getting the two companies to agree on terms for both would be near impossible. If you want to combine them into one, and that would require a refinance, which would require sufficient equity to accommodate the new combined balance. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

May 20th 2013
1
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

NO. A Modificaiton is merely modifying a current note on a loan. Combining two loans is obviously not a Modification. You can always ask both lenders if they will modify each loan though.

May 20th 2013
0
0
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions

NO.

May 20th 2013
0
0
Michael Zimmerman (MichaelZimmerman)
#60 ranked lender in Virginia - 36 contributions

No, I use to work in loss mitigation and one of the hardest parts of moving forward with a modification is getting the second to subordinate to the first.

May 20th 2013
0
0
gary schneider (gschneider47)
#46 ranked lender in New York - 24 contributions

this is tricky because you are not indicating the value of the property. also were the 2 mortgages taken out simultaneously. or you can try to subordinate the 2nd and streamline or modify the 1st. please e-mail your response to my questions so i can put you in the right direction. thank you gary schneider

May 20th 2013
0
0
Subscribe to our news feed.