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How soon can I refinance after getting a loan modification?

I was having some temporary financial hardship such that I needed to get a loan modification, however, my interest rates are the same as before the mod. Are there any restrictions about when I can refinance? by MWallace from Wallingford, Connecticut. Dec 31st 2012 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Depends how the credit bureau reflects your loan modification. I've seen it not show up at all & I've seen it show up as a deferrment. If it shows up as the latter, it will be considered the same as a foreclosure & you'll have to wait at least 3 years. If it's not reflected at all, you should have no issues refinancing any time. See if you can get a free copy of your credit report online so you know what you're up against.

Dec 31st 2012
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions

You should contact a local mortgage professional in your area. There should be several on this site. Three years is the short answer - but as mentioned in the answer below it depends on how it shows up on your credit report. I am not sure if this notations shows up on the Free Credit Reports you can order through the credit bureaus. Be aware, if it doesn't show up on one bureaus report it might on another. If it is reported by any of the bureaus you might have challenges - that's why it is best to talk with someone. Good luck and happy New Year.

Dec 31st 2012
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Jarred Minieri (jarredminieri)
#11 ranked lender in Rhode Island - 20 contributions

Hi, Just to further both responses you have received so far. It will matter how/if your current serciver has been reporting. It may be worth while to pull your own credit report, and you can indeed pull all 3 credit bureau's yourself. Although I will caution, you may not necessarily see the same notations on your "consumer-pulled" report compared to the one a lender would pull. Also, the type of loan you have now as well as the type of new loan you may be eligible for may be somethign for consideration. If you'd like some assistance, feel free to contact me. I'd be happy to try and help as well as answer any other questions you may have.Jarred.

Dec 31st 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

We are a Direct Lender in Connecticut, email me a more detailed explanation of your modification and other important information. Peter Botros, PBotros@OmegaLoans.net 908 933 0253 x319 office, 347 231 4444 cell

Dec 31st 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

As you see above, it depends on the details. Pick someone highly knowledgable and who you trust to look at the options with you and follow through with them.

Dec 31st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

first< what is your interest rate that your currently at? how long ago was your loan mod?? what servicer/ bank?? i might have alternative solution for you .. linda yourloanpartnerforlife@live.com

Dec 31st 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,166 contributions

In the ever tightening mortgage rules world, many lenders are now simply refusing to refinance any modified mortgage loan... Talk with a local non-bank licensed Loan Officer. Give them an application, and let them professionally analyze your situation and options, if any.

Jan 1st 2013
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

There are are a lot of mortgage programs out there that you may qualify for. If you have a loan owned by Fannie Mae or Freddie Mac you may qualify for a refinance under the HARP program as I helped a Fannie Mae owned home with a loan modification of 3 years old.

Jan 1st 2013
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Nikitas Kouimanis (MrMortgage)
#7 ranked lender in New York - 117 contributions

If you went into the loan modification but never went late, which believe it or not I have seen cases where this has happened where a client has done a loan mod without having to go late and just went into it do to a straight hardship and that's it in that rare case you can refinance right away. If you have gone late and are in a loan modification you need to pay the loan modification on time generally speaking for at least 24 months as long as foreclosure proceedings were never initiated at any point because if they were than it's a completely different ball game and these are those waiting periods. For FHA and USDA its 3 years from the foreclosure discharge date. VA loans are 2 years. Fannie Mae is which is also known as a conventional known type of financing and Freddie Mac is which is also a conventional type of financing are both 7 years on a refinance.If what everyone else is saying and it shows up as a foreclosure on your credit report which personally I never had that happen to me, I also don't then you can try to have the mortgage company you're working with get it fixed through directly from the reporting bank they will know what to do but sometimes it can't be fixed and its and field that cannot be changed which I have ran into in the past. At that point I am sorry to say you just have to wait, thats if its reporting as a foreclosure.

Jun 7th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

That will depend on the lender. with some lenders you will need to wait awhile.

Feb 26th 2016
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Michael Diaz (sincityloandr)
#60 ranked lender in Nevada - 66 contributions

We do many portfolio loans through our programs so it can vary from program to program. Please contact me to look over the scenario 702 764 3511 or mdiaz@goalterra.com

Feb 21st 2019
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