Posted on: 17th Apr, 2009 03:49 am
is loan modification related to bad credit?
Hi
Modification has nothing to do with bad credit. In modification, if the borrower is having any problem to stay current on the loan, the lender reduces the interest rate or extends the loan term under certain conditions in order to reduce the payments and help the borrower stay current on the loan.
Modification has nothing to do with bad credit. In modification, if the borrower is having any problem to stay current on the loan, the lender reduces the interest rate or extends the loan term under certain conditions in order to reduce the payments and help the borrower stay current on the loan.
Hi ranalinkbuilder ,
Welcome to our Forum.
Yes, I agree with savior70 , There is no any relation between Loan modification & bad or good credit. So don't worry.
As Savior70 says,if the borrower is having any problem to stay current on the loan, the lender reduces the interest rate or extends the loan term under certain conditions in order to reduce the payments and help the borrower stay current on the loan.
He is right.
Thanks & regards.
Welcome to our Forum.
Yes, I agree with savior70 , There is no any relation between Loan modification & bad or good credit. So don't worry.
As Savior70 says,if the borrower is having any problem to stay current on the loan, the lender reduces the interest rate or extends the loan term under certain conditions in order to reduce the payments and help the borrower stay current on the loan.
He is right.
Thanks & regards.
