John Moran (SimplifyMortgage)
Sounds like you are talking about a second loan. HELOCs and HELOANs have their own set of rules depending on the lender providing them. You'll need to consult some lenders to see what their rules are, but you should also review the modification to see if that is ok by the terms of the mod. If a principal reduction was part of the modification, she may not be able to take money out of the home.
Dave Metsker (DaveMetsker)
This will be difficult, if it is possible at all.
Hans Bruhner (hans@asktheloanman.com)
Many lenders look at a loan modification the same way they look at a short sale. It actually makes sense, in both situations the lender has agreed to take less. In a modification they have agreed to take a lower interest rate or less principal or both.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
You will need to contact a local bank to see what their guidelines are for their Heloc programs, it will vary from lender to lender. It will also depend on the circumstances and terms of modification as well.
Ralph Richard Guertin (ralph@absolutelowrates.com)
I guess if the value went up and a local bank was comfortable with the LTV your mom's credit qualifications...there is no definite answer ...good luck
Jason Vondrak (jvondrak)
It will likely be difficult for your mother to obtain a HELOC after completing a loan modification, since the lender already agreed to modify the loan terms that were originally agreed to and is getting less in return.
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