Can You Sell Your House After A Loan Modification

When the borrower is still struggling after a loan modification the lender may allow a short sale. If you want to sell your house in the immediate future it might make sense to simply try to make the payments while you have.

What Happens If You Sell Your House After You Receive A Permanent

can you sell your house after a loan modification

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Generally speaking traditional loan modification programs make it difficult for you to sell your home.

Can you sell your house after a loan modification. If you know that you want to sell your house entering into a loan modification may not make sense on your part. If you got a very low rate that is fixed for 30 years more than likely you will not be able to get another modification approved. If part of the principle was forgiven or suspended that amount will likely need to be repaid.

The sale price must be enough to satisfy the mortgage balance. Can i sell my home after a loan modification. What happens if you sell your house after you receive a permanent loan modification.

This is because the loan modification process typically takes 3 6 months which may be followed by a 3 6 month trial process in which you will need to make your payments. If your situation is such that you cant afford to keep making any sort. In that case you may be fine with selling it as long as you dont have a prepayment penalty on the loan you have on the home.

If you cannot afford to make your monthly mortgage payments and cannot sell your home because your mortgage debt exceeds the property value your lender may agree to a loan modification. Reviewed by jann seal licensed real estate sales associate. Your lender cant prevent you from selling your house after a permanent loan modification.

However there may be a prepayment penalty attached to the loan modification. If you are planning on receiving a loan modification its assumed youre expecting to stay in your house for a while. Yes you can sell your house as soon as the permanent loan modification is in effect.

A loan modification is a process that can help you over the long term if you want to stay in your house. However there is generally no minimum time frame you must keep the home after modifying. Modifications come in many forms including principal.

Sometimes though you may decide to sell soon after. Can you sell a house after a principal loan reduction by bank modification. Written by karina c.

The lender may stipulate that you must continue to live in the home or sell it after a loan modification. However if after your loan modification was done and you have. You can sell the home at any time after the permanent loan modification is in effect.

How Long Do I Have To Stay In Home After A Loan Modification