Navigating mortgage modifications and struggling to make mortgage payments can be difficult. As a homeowner, it can be difficult to understand your options if you’ve had a loan modification and are struggling to make your monthly mortgage payments.
If you’ve had a loan modification, it’s understandable that you may be wondering about your refinance options. Depending on your circumstances, there may be refinance options available.
Having difficulty making mortgage payments can be stressful. Joshua Denbeaux is an experienced New Jersey attorney who can assist homeowners through the refinance process. Contact us today to learn more about how we may be able to help you.
What Is a Refinance?
A mortgage refinance gets you new mortgage terms. With a refinance, you pay off your existing mortgage by replacing it with a new one that takes the place of your old mortgage.
You can refinance your mortgage with any mortgage servicer. You can look into other mortgage servicers to find the best interest rates, you don’t have to stay with your current mortgage servicer.
Unlike a loan modification, mortgage refinances don’t require you to prove financial hardship to qualify. You only need to be able to demonstrate that you’ll be able to repay your new mortgage. A mortgage company won’t consider you for a refinance if you are behind on your mortgage payments.
Refinance After a Loan Modification
You can refinance your mortgage after a loan modification. When refinancing after a loan modification there are certain requirements that you have to meet.
Typically, you won’t be able to qualify for a refinance until 12 – 24 months after a loan modification. You’ll need to have made your loan modification payments consistently since your modification was approved and completed.
Contact a Loan Modification Attorney Today
A mortgage refinance can seem complicated or overwhelming, especially if you’ve already had a loan modification. Refinancing your mortgage doesn’t need to be stressful.
There are refinance options available to homeowners with loan modifications. A loan modification attorney can help you navigate the refinance process.
Contact Denbeaux Law today to learn more about how we may be able to help you.
