Does anyone know how long you need to wait before getting another loan after having a loan modification?
Much will depend on your payment history. If you have hits on your credit because of being late on your mortgage payment before the first loan modification, it may make you ineligible for another loan for up to 3 years. If, however, you have never been late on your mortgage payments and received a modification, you may be eligible again within 10 - 12 months.
The homeowner was never late prior to asking for a Modification. Once he asked for the modification they informed him to stop making payments cause his loan was being switched to BOA. So that period of switching which was about 5 months he didn't make payments. As soon as BOA contacted him he paid. He said he called BOA every other day asking when he would received information so that he could start making payments.
Fantastic answer as always! Thanks Ron!