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Can I refinance after doing a loan modification?

Mrs. O asked:

I did a loan modification last year. Once again the mortgage is going up due to taxes making escrow go up. Can I do a refi? Also can I do another loan modification? I cannot make the new payment which is due next month.
Asked on: 2012-05-03 23:00:21


  1. Toni says:

    What I would do first.
    Why are your property taxes going up?
    Would you be willing to contest the value of your home to reduce your property taxes?
    Prices of homes have gone down in most areas in the passed 2 years…

  2. Iffy says:

    No You cannot finance Taxes and Insurance. You are in a home you can’t afford.

  3. Maybe you can do another loan modification but it’ll be really hard to get it through since you just did one. In theory you could refinance if that will lower the interest rate but I’m wondering how good your credit is since you just did a loan mod and I’ll get it may not be good enough that a bank will let you refi. Also since you just did a loan mod I’ll bet the loan amount is more than the value of the house at which point you can’t refi for more than the home is worth. Sorry but I see no way out other than getting a 2nd job, borrowing money, getting the $$ somehow or slowly going into foreclosure 9though you could try for a 2nd loan mod)

  4. Whats your financial situation? banks are willing to work with you just so you can avoid foreclosures and, so they can cover their backs. Banks could allow a 2nd loan mod depending on your financial situation.

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