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jpalomares4 · Joined: 15 Sep 2009 Posts: 12 4.35 Dollars($)

I'm currently on the process for a loan modification and one month behind on my first mortgage. I'm current on the second with chase but won't be able to pay next month, hopefully they will do a loan mod as well. My question is how long will it take for my credit to be hit?

savior70 · Posted: Wed Oct 28, 2009 6:38 am Post subject:

Hi,

The loan modification process often takes time. The lenders usually take some time to review your financial situation, approve your modification request and finally offer you a modification plan. Hence, the loan modification isn't going to affect your credit immediately. But if you've already missed 1 month's payment on the first mortgage and won't be able to make the next month's payment on the second, it is surely going to affect your credit scores negatively.

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