Can you sell your home after getting a loan modification?

People also ask if they can rent their home after a loan modification.

You can't just move out of the home if your loan modification stipulates that you must live in the house. Although the lender might stipulate that you must remain in the home or sell it after the modification, there is usually no time limit.

Is loan modification also a good idea? If you are behind on your mortgage payments, a loan modification may be an option. A secured loan default can lead to the loss of your house, car, or any other valuable possession. Refinancing a loan can be avoided, but it is possible to modify the loan.

What happens to the loan after modification?

Your mortgage payment will drop permanently after the loan modification has been completed. The type of modification your lender makes to an existing mortgage loan will determine how much you'll pay.

What happens if you want to sell your house but have a mortgage?

The buyer's funds are used to pay your mortgage lender and cover transaction expenses when you sell your house. The remainder becomes your profit. This money can be used for any purpose, but most buyers use it to pay down their home. Your mortgage lender will repay your loan.