A loan modification is nothing more than an agreement between two parties to modify the terms of an original contract. In the case of a mortgage loan modification, the contract in question is a mortgage contract. Since the agreement is between two private entities, the borrower and the lender, the terms of the contract may be modified as many times as both parties are willing to agree to.
Since the answer to the question “can you get more than one modification on a mortgage loan” is yes, many borrowers have some hope if they are trying to save their home from foreclosure a second or third time.
A person’s chance of being approved for a second or third loan modification increases as the time between modifications increases. This means that a person will have a better chance of being approved for another loan modification after a decade from their first loan modification than after a year. This does not mean that a person won’t be awarded a second or third loan modification shortly after their original modification, it only means that the borrower will have to have one good reason and one good lawyer to get the modification approved.
One way to avoid the hassle of asking for another modification is not to agree to a first loan modification that doesn’t do anything to fix one’s problems. For example, if the borrower requests a loan modification and their lender makes an offer to modify certain terms of the original contract, but those terms do not make payments as low as the borrower needs them to be, then the borrower should refuse to accept the terms and should attempt to negotiate via a trained foreclosure attorney. If the borrower accepts bad modification terms, only to turn around and ask for another modification shortly after their first one goes into effect, the lender could use the fact that the loan modification terms have already been agreed to as a reason to deny further requests to modify.
Borrowers who were approved for their first or second loan modification several years ago will have a much easier time being approved for an additional loan modification since there is no guarantee that a person will not fall back into financial trouble once they climb out of it. It is reasonable to believe that a person could lose their job more than once or be affected by an injury more than once.
If a borrower wants to avoid having to go through the loan modification experience more than once over the life of their loan, they are urged to secure the services of a foreclosure attorney who can fight for the best terms possible for the borrower the first time around. If the terms of the borrower’s first loan modification make monthly loan payments low enough, the borrower will have to worry less about getting another loan modification in the future if more payment trouble arises. If the lender has already made an offer to modify certain terms, the borrower should have that offer reviewed by an attorney to ensure that the offer serves the best interests of the borrower.