http://www.mortgagefit.com/blog/modification-affectscore/ Behind the scene Sat, 11 Feb 2012 07:33:59 +0000 http://wordpress.org/?v=2.5.1 http://www.mortgagefit.com/blog/modification-affectscore/#comment-21907 Laura Morton Thu, 10 Jun 2010 03:58:51 +0000 http://www.mortgagefit.com/blog/?p=107#comment-21907 The credit reporting agencies are working on a special code on the credit report to reflect the modification. When this will be finalized is anyone's guess. It doesn't affect the score while the lender is working on your file. After you get the okay and you go through the trial, if you screw up during the trial period, then that affects your score. You could drop 50 to 100 points. After you go permanent, if you miss payments, and eventually default, that would lower your score by as much as 150 points. The credit reporting agencies are working on a special code on the credit report to reflect the modification. When this will be finalized is anyone’s guess.
It doesn’t affect the score while the lender is working on your file. After you get the okay and you go through the trial, if you screw up during the trial period, then that affects your score. You could drop 50 to 100 points.
After you go permanent, if you miss payments, and eventually default, that would lower your score by as much as 150 points.

]]> http://www.mortgagefit.com/blog/modification-affectscore/#comment-18712 credit unions Fri, 29 Jan 2010 07:10:53 +0000 http://www.mortgagefit.com/blog/?p=107#comment-18712 Great reading material. I've learned a lot by reading here. Thanks! Great reading material. I’ve learned a lot by reading here. Thanks!

]]> http://www.mortgagefit.com/blog/modification-affectscore/#comment-15758 Jeremy Sat, 29 Aug 2009 09:15:21 +0000 http://www.mortgagefit.com/blog/?p=107#comment-15758 I suppose it would depend upon the lender as to how he would report the payments. If he reports your payments as "partial", then it would definitely lower your credit score by some points. I suppose it would depend upon the lender as to how he would report the payments. If he reports your payments as “partial”, then it would definitely lower your credit score by some points.

]]> http://www.mortgagefit.com/blog/modification-affectscore/#comment-15754 Mark Stern Fri, 28 Aug 2009 12:36:15 +0000 http://www.mortgagefit.com/blog/?p=107#comment-15754 Suppose a bank puts someone on a 6 month partial payment plan for, say, half of one's payment, and a balloon is due at the end of the 6 months to make the loan "full" again; Will that (greatly) affect one's credit score during the 6 months, or only if they don't make the balloon AFTER the 6 months? Suppose a bank puts someone on a 6 month partial payment plan for, say, half of one’s payment, and a balloon is due at the end of the 6 months to make the loan “full” again; Will that (greatly) affect one’s credit score during the 6 months, or only if they don’t make the balloon AFTER the 6 months?

]]> http://www.mortgagefit.com/blog/modification-affectscore/#comment-15594 Sara Jones Wed, 12 Aug 2009 08:50:49 +0000 http://www.mortgagefit.com/blog/?p=107#comment-15594 It's true that lot of people taking part in the mortgage modification program are unaware of the its credit impacts. I think the lenders should inform the consumers about the impacts of modification while they are encouraging them for the same. Thus, in case of late payments or partial payments, the consumer will not be shocked if his/her credit is affected. It’s true that lot of people taking part in the mortgage modification program are unaware of the its credit impacts. I think the lenders should inform the consumers about the impacts of modification while they are encouraging them for the same. Thus, in case of late payments or partial payments, the consumer will not be shocked if his/her credit is affected.

]]>