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applying for fha loan after modification in ny

what is the time line that I have to wait to sell my house and get a new loan. I have not been late on payments and my credit has improved. by mkalbanese565 from Bayport, New York. Feb 1st 2015 Reply


Nikitas Kouimanis (MrMortgage)
#8 ranked lender in New York - 102 contributions

As far the timeline to sell that is between you and bank due to principal forgiveness terms. You really need to ask themYour second question I can't really answer it properly until you tell me did you ever go late on the mortgage and if so when was the last time? But here is what it works out to be if they was no foreclosure initiated on the property you can purchase in 24 months. If you had no lates at all there is no waiting period but some lenders may make you wait up to 12 months.

Feb 1st 2015
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There are different factors with each modification. In many cases you would need to have 12 months on time payments prior to refinancing or purchasing. You would also need to know if you have any balloon payments due at time of sale from your current modification. Tom

Feb 1st 2015
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I have no ballon. I really just want to know if I will be able to get a mortgage fha that's it's been over two years . August will be three of my modification

Feb 1st 2015
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Call me if you you need more than what I have provided. 516-206-0000. Nikitas Kouimanis

Feb 1st 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

if you've been paying three years on your loan modification, and you haven't had any late payments on it , then you would qualify right away as far as credit. as far as selling your house you would need to speak to your current lender or refer to the loan modification documents to determine if there is any timeline for selling. I don't think there would be but check with your current lender to make sure you know what your payoff will be if you were to sell.

Feb 1st 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Call us any time 7 days a week up to 9PM the # 1 NY lender on lender 411 for a reason! 800-991-5309 is my direct line Good Luck,Michelle

Feb 1st 2015
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

Most lenders frown on a loan modification, because they feel that the borrower was not financially responsbile , even though there are other factors why a loan mod was done. It looks like you have been long enough on the time frame.. You should have not have any problems.. linda at yourloanpartnerforlife@live.com

Feb 1st 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

If you have been paying on time for three years you should be fine to buy a new house. Just call your current lender and let them know your intentions and ask if there are any issues with your current agreement. My bet, is that there are no issues. You probably have a couple of mortgage late payments from when you did the mod, but since those are over 24 months old you should be good. Like any loan, you need to get pre-approved. Get with a local loan officer and have them review your application, credit and finances before you start looking at any property. Best wishes, Sean

Feb 1st 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

If your modification did not include any principal reduction, then 2 years of on time payments is sufficient for most lenders.. if there was principal reduction, then it's up to the individual lender.. most will make you wait 4 years, and some even up to 7 years.. 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

Feb 2nd 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

After 3 years of on-time payments, you should be fine.

Feb 2nd 2015
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