Loan modifications may or may not affect your credit score. Generally it is believed that a loan modification will have a positive impact on a borrower’s credit score. In case, if the lender has reduced the principle amount of your loan, it will also help you in reducing your debts. Also, if you pay off your debts on time after the loan modification for the next 6 to 12 months, your credit rating will start improving.

However, after the loan modification, if you’re late on your payments or start making partial payments, your credit score will get negatively affected. In addition, the lender would report the principle reduction as “debt satisfied for less than the full amount”. This will also have a negative impact on your credit score.

In certain cases, the lenders would not accept your loan modification request if you’re not delinquent on your mortgage payments. You may have to show that you are 30 days late on your payments. If the lender reports this 30 day late payment to the credit bureaus, your credit score can go down by few points.

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Hi all,

An exciting experience that I feel like sharing with you - it’s about a presentation I’ve just completed. It’s on Reverse Mortgages - we all know it helps seniors but aren’t there other options doing the same for them?

There are, but which is better - reverse mortgage or the plethora of options such as the Medicaid, Medicare, equity loans, social security and the like? It’s a big question no doubt and I’ve tried to find out the right answer to it!

Seniors are worried about financial support and maintaining their usual lifestyle does get a bit tough when they grow old - keeping such things in mind, I felt it’s time that I do something for them. And what better could it be than a presentation on Reverse Mortgage. It could be simple and easier for seniors to interpret…

Interested to know what’s in it? Have a look at the presentation.

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[tags]reverse mortgage, mortgage seniors, senior financial option, reverse mortgage benefit[/tags]