Credit Score and Loan Modification
57Get solutions before the damage is done:
Do you know the only main reason why people lose their home to foreclosure?Here is it:
NOT BEING PROACTIVE !
If they had been pro-active and thought about what is coming in the future,they could have avoided losing their home in the sheriff sale.People who have already to started to look for the loan modification are doing a great job.Getting the loans modified is a best solution to stop the foreclosure.Some other solutions available to you are:
=>mortgage forbearance and
If you have got the FHA loans instead of the regular home loans,you can have a look at the FHA Streamline Refinance which is specially available for people getting the loans insured by the federal housing authority.
Will the credit score get reduced because of loan modification?
If you are thinking about the relation between the credit score and modifying the loan,here is the answer to it:
=>Whether the score gets reduced or not depends on whether you missed the mortgage payments or not.If you had got the loan modification before missing any mortgage payments,you are not going to get the credits reduced.
paid less than what was owed:
As you might be knowing,modifying the loans will also involve the lender cutting off some of the principle you owe.But the disadvantage of such a thing is that it will be reported as "paid less than what was owed" and this is a not at all a better rating.
Some more details
To get more details on this topic,you can visit the articles on FHA Loan Modification Guidelines and the Citibank Loan Modification .
Loan Modification in the News
- Idahoans to get refunds from loan modification companyThe Idaho Statesman19 hours ago
A dozen Idaho consumers will share in a $19,710 refund from a NewJersey-based loan modification com
- SUSAN TOMPOR: Modified home loan can hurtDetroit Free Press31 hours ago
The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan. But credit scores can get dinged after a home loan modification, making it more costly or tougher to get a loan or credit card.
- New Law Requires Loan Modifiers To Have LicenseCBS4 Miami23 hours ago
People who are looking to modify their loans might want to wait until a new law goes into effect on the stroke of midnight December 31st to get the most protection. That's when the state will require any company or individual offering loan modification services to have an active license from the Florida Office of Financial Regulation.
- New law adds licensing requirements for home loan professionalsSun-Sentinel16 hours ago
Law adds licensing requirements to home loan professionals Florida's Office of Financial Regulation has received 4,600 mortgage broker licensing applications since July, more than double the amount requested for all of last fiscal year.
- Loan Modifications: No Easy Way Around ItNews10 Sacramento12 hours ago
When it comes to loan modifications, as of the beginning December, less than 32,000 had been approved nationwide in nine months.
- Idaho AG: Cheated homeowners get $19,000 in settlementKTVB Boise19 hours ago
BOISE -- Attorney General Lawrence Wasden says Idaho homeowners who were duped into paying a New Jersey company to help them modify their mortgages will get more than $19,000 in a settlement. Wasden says the investigation into Weston, New Jersey-based Best Interest Rate Mortgage Company LLC began with a complaint about a direct-mail advertisement. The ad offered a special loan modification ...
- Loan change could lop 100 from scoreDetroit Free Press31 hours ago
James and Carol Sperr said they had never been late or missed a mortgage payment, but their bank had reported them as being behind on payments. Their credit score took a hit, falling from the 800s to 750.
- Fannie, Freddie Backstop May Foreshadow Mortgage ForgivenessBusinessWeek15 hours ago
The U.S. Treasury Department’s expansion of its capital backstops for Fannie Mae and Freddie Mac may foreshadow a shift in the government’s mortgage- modification tactics, Keefe, Bruyette & Woods analysts said.
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