X

Wondering about where mortgage rates are headed? Check out our latest Two-Month Mortgage Rate Forecast.

Wondering about where mortgage rates are headed? Check out our latest Two-Month Mortgage Rate Forecast.

Can another lender modify my mortgage?

Q: I’d like to modify my loan, but not through my current mortgage lender. Are there other lenders, besides my current lender, that would assist me in a re-modification? My current lender has denied my modification application and I want to go somewhere else to see if I qualify for HAMP. Or, should I forget the whole thing and try to see if I can refinance? Mortgage rates are getting lower.

A: Loan modifications, including those done under the HAMP program, must be done by your existing servicer. The servicer acts on behalf of the owner of the loan, and no other party has any rights to make any changes to your agreement. Loan modifications usually are in order when a borrower cannot meet the terms of the original obligation, either on a temporary or more permanent basis, and especially where there is an imminent risk that the loan might default (missed payments, etc.). 

For traditional refinancing, you certainly can look elsewhere than your existing lender. In the case where you are underwater, where the mortgage amount is higher than the value of the home, the Home Affordable Refinance Program (HARP) is your only option, but you meet the program's qualifications. If you do qualify but your lender does not participate in the voluntary program, you are then free to find another lender who will conduct your HARP refinance.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: What loan amount does a mortgage need to be for it to be considered a Jumbo Loan?
JAN 09, 2023
A:

This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....

Read More
Q: Why are home equity loan rates so high?
JAN 04, 2023
A:

There are several reasons why second mortgages and HELOCs have high interest rates.

Read More
Q: Should we pay off our mortgage?
OCT 04, 2022
A:

Whether you should pay off your mortgage or not sounds like a simple problem with an easy answer... but it's not.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen