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Double-dipping the loan-mod pool

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Q: About a year ago, I obtained a loan modification from WaMu that dropped my interest rate about 1.25 points, turned my adjustable-rate mortgage into a fixed-rate loan, and reduced my monthly payment by about $100 per month. I would like to see if I can get the payment down even further under the stimulus plan. Is there any reason I can't go back and request a second modification? A: All loan modification agreements are different, so first things first -- read your entire agreement from the modification you got last year to see what, if anything, it says on the matter. It's rare for one loan modification to expressly prohibit another modification in print; what's not quite as rare is that some lenders have a company policy of allowing only one modification in a 12-month period of time. Even if your lender has such a policy, it does sound like you're close to the one-year mark, so that shouldn't stop you from trying to get a Home Affordable modification, which is what we'l...