Posted on: 17th Nov, 2009 10:52 am
i am currently 2 months behind on my mortgage.
Hi joyce,
A loan modification does not necessarily affect your credit scores negatively. It is just an alternative repayment plan that helps you pay off your mortgage. If you make making your payments on time as per the modified repayment plan, your credit should be fine. However, what does affect your credit negatively is late or missed payment. Since you are 2 months behind on your mortgage, it has already affected your credit. If you continue to get behind on the mortgage, it will have a considerable impact on your credit scores.
A loan modification does not necessarily affect your credit scores negatively. It is just an alternative repayment plan that helps you pay off your mortgage. If you make making your payments on time as per the modified repayment plan, your credit should be fine. However, what does affect your credit negatively is late or missed payment. Since you are 2 months behind on your mortgage, it has already affected your credit. If you continue to get behind on the mortgage, it will have a considerable impact on your credit scores.