Posted on: 06th Apr, 2010 06:52 pm
My mortgage was sold to a collection agency when I asked for a loan modification. I am not behind on payments, I might have one late payment in the last 4 months but I am current. How bad will this be on my credit scores. I dont care who I make my payments to but I am upset that the mortgage was sold to a collection agency. I think this will horrifically, if that is a word, ruin my credit. How do I stop this mess?
Hi Guest,
As your account has been sold off to a collection agency, it will definitely have a negative affect on your credit report and will lower your credit score by few points. As you can afford to make the payments, I would suggest you to contact your lender and ask him to call back the account from collections. Then you can directly make the payments to your lender.
Thanks
As your account has been sold off to a collection agency, it will definitely have a negative affect on your credit report and will lower your credit score by few points. As you can afford to make the payments, I would suggest you to contact your lender and ask him to call back the account from collections. Then you can directly make the payments to your lender.
Thanks