I received a loan modification base on divorce last year. I would like to sell and buy a larger apartment. Will it be hard to get new loan?

Asked by Unsure, 23704 Tue Jan 11, 2011

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Douglas Katz, , Chicago, IL
Tue Jan 11, 2011
Hard is a relative description. If you have meet the requirements for the loan with repect to credit score, income and assets than you will get approved. While there are always exceptions and some gray area, it is pretty much pass/fail these days. There are a lot of programs available, however, so I would definitely speak with a lender to see which programs are best suited for you.
Web Reference:  http://www.bankerdoug.com
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Sara A Steele, Agent, Norfolk, VA
Tue Jan 11, 2011
Please consult with a mortgage professional. You could place a call to your current mortgage provider for assistance.
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, ,
Tue Jan 11, 2011
Vicky got it right. It really depends on what's on the credit report and how it is reported. I have seen it so many different ways on a persons credit report. Find that out and let us know what is says and how many lates are on there and we can assist a bit better. Hope this helps.
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Vicky Chrisn…, Agent, Purcellvile, VA
Tue Jan 11, 2011
First, was this a permanent loan modification or are you still in the trial phase? I have never seen anyone be approved for a permanent modification, so I desperately want to know if this is the case.

Other than that, read the terms of the modification.. it should tell you if is reflecting a "settled" account or not, and you know if you were behind on payments. If you were behind on payments, then you would have had to be current for a while - probably 2 years - before anyone would consider you for a loan... plus all you other stuff would have to be rated well.
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