If your loan was modified under the condition that you live in the home,you can’t simply move out and rent the home. The lender may stipulate that you must continue to live in the home or sell it after a loan modification; however, there is generally no minimum time frame you must keep the home after modifying.
People also ask
Can I Sell my Home after a loan modification?
The first thing you need to do if you want to sell your home after a loan modification is to request the payoff amount from your lender in writing. The payoff amount should reflect the total amount to pay off your loan. But it possible that it incorrect if you檝e had a loan modification.
How long after a loan modification can I apply for another?
There are a couple of lenders that will allow anywhere from 1-2 yrs after a loan modification is completed. Barclay Butler Financial has no minimum time that has to have gone by since the loan modification was completed.
Can a loan modification put a second lien on a property?
Some loan modifications imposed a second lien on the property that the borrower was completely unaware of. If you檝e had a loan modification done and want to sell your house, you need an expert seller agent who understands how to deal with your lender to make sure the payoff price is all that you owe.
Is your payoff amount correct after a loan modification?
The payoff amount should reflect the total amount to pay off your loan. But it possible that it incorrect if you檝e had a loan modification. This is why once you have your payoff amount, it critical you work with an experienced realtor familiar with loan modifications.