Posted on: 07th May, 2009 12:08 pm
Does a mortgage forbearance negatively affect your credit? Will it be better to apply for a loan modification or mortgage forbearance?
Hi kim,
A forbearance can help you prevent your lender from reporting the loan to the credit bureaus as delinquent. The loan which is in forbearance will be reported as 'deferred'. It will show on your credit as 'accounts in good standing' rather than as a 'negative account'.
Thanks,
Jerry
A forbearance can help you prevent your lender from reporting the loan to the credit bureaus as delinquent. The loan which is in forbearance will be reported as 'deferred'. It will show on your credit as 'accounts in good standing' rather than as a 'negative account'.
Thanks,
Jerry