Posted on: 20th May, 2010 07:25 am
I just went throught a divorce and applied for a hardship on my mortgage until I could get everything under control with the loss of the additional income. Now I am trying to purchase a new home and I was told that because I did a hardship it is hurting my credit more so than helping it...can you please explain.
Hi robinuzzle,
If you have a financial hardship, then it will affect your credit report in a negative way. If you've defaulted on your mortgage payments, then the lender must have reported it to the credit bureaus and it will lower your credit score by a few points.
Take care.
If you have a financial hardship, then it will affect your credit report in a negative way. If you've defaulted on your mortgage payments, then the lender must have reported it to the credit bureaus and it will lower your credit score by a few points.
Take care.
Hi Robinuzzle,
It is true that if you are not making payments towards your loan and if they report it to the credit bureau, then it will affect your credit score. You can speak with your lenders and inform them about the same and ask for other options.
It is true that if you are not making payments towards your loan and if they report it to the credit bureau, then it will affect your credit score. You can speak with your lenders and inform them about the same and ask for other options.