Posts Tagged ‘ mortgage modification ’

Impact on credit scores of missed payments, mortgage modification

Dear Experian, I'm considering entering into a six month reduced payment plan with my mortgage lender. I understand this will have a negative impact on my credit. Will this have a worse impact than being 30 days late on my mortgage payment? - STS

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Mortgage modification should not be confused with mortgage refinancing

Dear Experian, In order to refinance our home we might have to miss two or three payments to qualify for a modification loan. We have an excellent credit rating now. Is there a way we could miss these payments without affecting our credit rating? - KHR

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Effect of short sale and mortgage modification on credit scores

  • November 25th, 2009
  • Posted in Featured

Dear Experian, I am going through a short sale on my home and the lender is saying that if I take out a promissory note to make up for some of their loss that they will report my short sale as "paid in full -not full amount" Is that better than just a short sale, or because of the "not full amount" will my credit be dinged just as much as if I did nothing and they just listed it as a short sale? - ATH

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Effect of mortgage loan modification on credit scores

Dear Experian, 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? - RBL

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