Much more info needed. .but in general, having a loan mod is not a problem.. so long as it's been 2 years since the modification took place.. But certain lenders have a problem with loan mod's that included principal reduction.. without knowing all the details of your specific scenario, it's impossible to advise you.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
Not sure I get your picture. You want to refinance (OK), but then said you had a modification that was paid when you sold the property??? If you are talking about a refinance of a different property, there is no issue. if you are talking about refinancing the loan that was modified, just about anyone will do that for you EXCEPT the existing lender. COntact a local mortgage broker in your area for assistance.
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