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 ranalinkbuilder
Joined: 16 Apr 2009
Posts: 8
4.67 Dollars($)
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 Posted: Fri Apr 17, 2009 3:49 am Post subject: query |
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| is loan modification related to bad credit? |
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savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
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| Posted: Fri Apr 17, 2009 5:03 am Post subject: |
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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. |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 603
14.18 Dollars($)
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| Posted: Fri Apr 17, 2009 7:22 am Post subject: |
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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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