A homeowner who is interested in applying for a mortgage modification may wonder if receiving a mortgage modification will affect the homeowner’s chances of getting a future mortgage on a different property. Each company has unique guidelines and criteria as to what is considered when applying for a new mortgage, but generally, there are a few factors to know if the new mortgage may be affected or not.
One factor is time. If one year has passed since the mortgage modification, and the new loan is for a different property, the new mortgage likely will not be affected by a previous modification. Another factor is if the mortgage modification was reported, and how it was reported. If it was not reported, then it will not show up on a credit report, and may not affect a future mortgage.
The Mortgage Modification Center
Mortgage modifications are a great tool to help homeowners be able to afford to stay in the homes. If you are experiencing a hardship and considering a mortgage modification, please reach out to the Mortgage Modification Center at (401) 467-7998. Attorney John S. Simonian offers a free initial consultation to discuss your options.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.