There is no easy answer as every borrower is unique.
Generally you need twelve payments as agreed to the modification
to refinance your home loan to a lower interest rate or to get cash out.
Here is what you need to gather:
a. All the documentation from the modification, not what you submitted,
everything you signed as agreements.
We will review the agreements with you as to:
Do they have a clause to call back forgiven principle?
Do they have a time limit where they can ask for the forgiveness back?
Did the 1099 you for the forgiveness of debt?
What is the existing rate and length of time this rate holds.
Some modifications are only good for a few years then accelerate rapidly.
b. Your income documentation-
w-2 2018 2017 and December pay stub, current paycheck
IRS taxes if self employed 2017 2018
bank statements past 2 months
mortgage bills
fire insurance bill
HOA bill if any
c. We will review your credit report with you.
Some lenders do not show the modification on the credit, some show the loss
Have you healed from the loss that got you into the modification?
The past is not important here. We want to look toward the future.
Time heals everything on your credit report.
Even if you aren't in a position to lower your interest rate today,
we can set forth a plan for the future.
Call me. Straight talk and answers always.
The talk is free. Planning always kind.
(949) 784- 9699
C G
NMLS 324982
If self employed we can review bank statement loans