Posted on: 25th Aug, 2011 01:03 am
Hello,
I am facing problems in paying off the mortgage as per my payment plan. Now I have applied for mortgage modification and after a talk with the lender I’m sure I will be granted one. But my concern is that if I got a mortgage modification, will it affect my credit?
I am facing problems in paying off the mortgage as per my payment plan. Now I have applied for mortgage modification and after a talk with the lender I’m sure I will be granted one. But my concern is that if I got a mortgage modification, will it affect my credit?
Mortgage modification may have a negative affect on your credit scores and it can reduce your scores by around 150 points. Apart from that, if you have been delinquent on your mortgage payments, then it will separately have a negative affect on your credit report.