I recently applied for a loan modification on my mortgage, but they did not qualify my application saying that based on the information I provided they felt that I can still pay my mortgage. I never stopped my payment and am still paying but wonder if just applying for the loan modification will hurt my credit?
How will a loan modification affect my credit scores? I’ve never been late on my payments and have been approved for a modification without any late payments.
I’m asking my bank to do a loan modification on my mortgage. They said that I need to be 30 days late on my payment in order to do the modification. Is this going to damage my credit?