Is It Possible To Refinance After You Get A Loan Modification

iVillage Member
Registered: 08-27-2011
Is It Possible To Refinance After You Get A Loan Modification
1
Tue, 08-30-2011 - 12:45am

This is the initial month after our Chase loan modification. All the mod did was adding our miss payments to our loan and make us in progress. Our interest rate is the same as it was (6.25%). The query I have is can i get refinanced with no credit check right after a loan modification. I am familiar with our debt/income ratio is great, and the only thing that would stop us is our credit and the mod.



Community Leader
Registered: 07-26-1999
I think mainstream banks are much more stringent about their loan and refinance terms now than they were previously. You can always ask them, or see about finding a bank that will do a refinance based on your income and work history alone, but you are going to have a harder time finding one of those at a competitive interest rate right now. Unfortunately they have gotten so dependent on credit reports and scores being the end all be all, that its hard to do much without one.
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