I am beginning a government-sponsored HAMP mortgage modification program. My lowered first three trial mortgage payments will be reported as “partial payments.” After the trial period they will be reported as “modified.” How bad will this affect my credit score?
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?
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?
Categories: Report Advice
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?
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?