Posted on: 04th Dec, 2009 12:45 pm
While in the 3 month trial payment period, should the bank have to report your payments as LATE to the Credit Bureaus?? If the Making Homes Affordable program is meant to HELP homeowners, then why report the payments as late and adversely affect your credit score?
is that what they're doing, susan? you're right in that it's not going to be particularly helpful to your credit standing, even while helping you get back on track.
i don't know, frankly, what ought to be reported or not be reported. i'm sure someone will stumble on this thread and let us know.
i don't know, frankly, what ought to be reported or not be reported. i'm sure someone will stumble on this thread and let us know.
Yes Susan they do, as you are not paying the full payment that the original loan terms were agreed on. This article tells you alot more about that and is easier for you to go to if you want to learn more...it is to much for me to type...http://www.callalms.com/blog/2009/more-to-know-about-trial-loan-modifications/
Christine, thank you for posting that link. It was helpful and I may just send my bank the section on reporting using the new guidelines.
Susan - Good Luck! I know it is hard to find good information out there and it is hard to keep up! Take care and I hope you are successful with them.
if it wasn't so late at night i'd read that too christine...maybe i'll have an opportunity later on this week.
susan seems pleased, so i'm guessing it's good information. therefore, thanks for posting it from me, too.
susan seems pleased, so i'm guessing it's good information. therefore, thanks for posting it from me, too.