Is That Mortgage Modification Hurting Your Credit?
Posted on Mon, Dec 28, 2009
Due to the strains of the economy, housing and job markets, many of my clients have been asking about loan modifications. President Obama created a plan to make it easier for current home owners to "amend" their current mortgages with their mortgage holder. This allowed some borrowers to decrease their interest, payments or time left on their mortgage with supposedly little damage. However, the effect of the modification didn't take into account what would happen to an already shaky credit score. Here is a great article from CNN-Money that will give you something to think about if you are planning on attempting to modify your loan in the future.
Mortgage Rescue: Credit Score Killer
Despite its potentially negative effects, sometime this is the best option when you are trying to save your house and keep your estate.