Sunday, February 5, 2017

Can I sell my home after loan modification? Then purchase a cheaper home 1 to 2 years later?


Hi. I currently have a loan modification on my home. It started 5 months ago. I'm looking to sell my home, as I would like to rent for a while since I am having trouble financially, to afford this house. My question is, would I have trouble down the road say a year or 2 if I tried purchasing again (a cheaper home of course)? I hear you have to had made 12 to 24 months of timely payments on your home after a modification in order to be looked at by a lender to buy another home. But what if I sell within 5 months of the modification? I obviously would not have 12to 24 months of payments for banks to look at if the house is no longer mine. What would they need from me then to be approved?

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