Home Buying in 92110>Question Details

Gabriel Riva, Home Buyer in Viva P  Lapham, Cocoa,...

Is a loan modification considered a foreclosure? How long do I wait to qualify for a 2nd home?

Asked by Gabriel Riva, Viva P Lapham, Cocoa, FL Wed Dec 4, 2013

Help the community by answering this question:


A loan modification is not a foreclosure. However, you probably were at least late on some payments before you got your loan mod so it would be two or three years since the last negative reporting on your credit.

J.R. Thrasher
1 vote Thank Flag Link Wed Dec 4, 2013
Not in less you have been given a notice of default. And then you can not get a loan for 3 years and it will be an FHA loan.

Alex Greer
Loan Officer
NMLS #1056079

1 vote Thank Flag Link Wed Dec 4, 2013
Unfortunately Loan mods aren't as easy to get any more and if you do get one it benefits the bank more than you.
We have a no cost program that can get you a loan at 95% of current market value and we will clean your credit for free. The credit repair will wipe all negatives form your credit profile.
This is not a Loan Mod.
With our program you won't have to wait to qualify for a second home you will have perfect credit.
You have nothing to loose and it doesn't cost you anything for us to look at your loan. If we are able to help you the process takes 30 to 60 days and again at no out of pocket cost to you.
I can be contacted at 858-945-1047 or
0 votes Thank Flag Link Wed Dec 11, 2013
Gabriel Riva,

Many lenders will treat the modification under the same waiting periods as short sales, deeds in lieu of foreclosures and foreclosures. Of course, they are not the same, but the terms of the loan have not been repaid as originally agreed and the fallback position among lenders tends to be the same as if the home were let go.

Rob Spinosa
0 votes Thank Flag Link Wed Dec 4, 2013
Lenders base their need for a loan modification on the borrower's inability to keep up with their payment schedule based on that loan. Thus, it would seem likely that to obtain a second loan you would need to demonstrate that those conditions are no longer a factor and that you indeed have the ability to afford a second loan.

0 votes Thank Flag Link Wed Dec 4, 2013
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