Can you buy your own loan modification?

Asked by Aviance Shaunte, Suffolk, VA Sun Feb 10, 2013

I am currently going through a divorce. When I told my estranged husband I was leaving, he contacted the bank and did a loan modification. I am still on the loan. The loan mod was done 2 years ago. He was not approved to assume the loan (I make almost double his salary). The bank says his only option if he wants to get the loan in his name alone (requirement of the divorce proceedings) is to refinance which he won't qualify for because of the loan mod. When his 90 days is over (per the divorce decree) and the property must be listed, can I apply to assume the loan at the current loan modification mortgage term?

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Brian Foxwell, Agent, Suffolk, VA
Sun Feb 10, 2013
Aviance,

This is a valid question that would best be answered by your loan officer and/or a real estate attorney. I would strongly urge you to contact your lending institution and/or attorney now to determine the potential outcome. I would not reccomend waiting for the 90 day period to expire.
You may contact me directly if you desire at 757-641-7602 for any other real estate related questions or services.
I wish you the best through your processes.

Warmest regards,

Brian Foxwell
1 vote
Misty Mount, Agent, Yorktown, VA
Sun Feb 10, 2013
This is a question for the mortgage company. VA loans can only be assumed by another military member but your lender could give you other options.

Misty Mount
Long and Foster Realtors
540 903 6686
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