query

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Icon Mini Profile ranalinkbuilder




Joined: 16 Apr 2009

Posts: 8

4.67 Dollars($)
PostPosted: Fri Apr 17, 2009 3:49 am    Post subject: query

is loan modification related to bad credit?
Icon Mini Profile savior70




Joined: 25 Mar 2009

Posts: 1778
Location: Florida
238.16 Dollars($)
PostPosted: Fri Apr 17, 2009 5:03 am    Post subject:

Hi

Modification has nothing to do with bad credit. In modification, if the borrower is having any problem to stay current on the loan, the lender reduces the interest rate or extends the loan term under certain conditions in order to reduce the payments and help the borrower stay current on the loan.
Icon Mini Profile gunzijjistaff
gunz.ijjistaff



Joined: 07 Apr 2009

Posts: 603

14.18 Dollars($)
PostPosted: Fri Apr 17, 2009 7:22 am    Post subject:

Hi ranalinkbuilder ,

Welcome to our Forum.

Yes, I agree with savior70 , There is no any relation between Loan modification & bad or good credit. So don't worry.

As Savior70 says,if the borrower is having any problem to stay current on the loan, the lender reduces the interest rate or extends the loan term under certain conditions in order to reduce the payments and help the borrower stay current on the loan.

He is right.

Thanks & regards.
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