obama

According to an article on CNN money published today, many people are finding that Obama’s mortgage modification plan has destroyed their credit. People who were told their credit scores would not be harmed are finding their scores have fallen by more than 100 points! So, if you are considering a mortgage modification of any kind, you need to be VERY clear on the impact that it might have on your overall credit score. Do not take someone’s word over the phone that your score will not be impacted!

You can read that article here: Mortage Resuce: Credit Score Killer

More on mortgage modifications and the current mortgage crises from around the web!

The Meltdown: Surviving Bankruptcy and Mortgage Loan Modification …

Read The Meltdown: Surviving Bankruptcy and Mortgage Loan Modification and other news posted by Denver citizens. Keep in touch with your neighborhood and the rest of the Denver Metro community at YourHub.com. … When the mortgage came due and the checking account wasSTILL empty, we wrote one of those checks thatMasterCard gives you to pay off other credit cards.We held our breath as we stuck the envelope in the mail. We knew it was not a good idea, but surely some …

Securitization Is Back! Investor-Owned Mortgages Have High Re …

Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the. ….. I was simply suggesting that allowing the foreclosure to go through now will hasten a recovery, and a moratorium on dinging credit score would take the sting out of those losing their homes. And since they need to live somewhere, they can pay rent probably at a lower cash flow burden than …

Credit Impact on FiCO Scores – Loan Modification Forum – LoanSafe.org

I read this the other day and thought the foreclosure ding wasn’t that bad either but what kills your FICO is the foreclosure process. I had a 800+ FICO score when i stopped paying my mortgage (Feb. 09) and by May my AMEX with a 30k …

What is a Loan Modification and Who Qualifies for One? | Zillow …

Whether you call it a loan modification, mortgage modification, restructuring, or workout plan, it’s when a borrower — who is facing great financial hardship and is having difficulty making their mortgage payments — works with their lender to …… The problem with that for me was that I had to have money for a closing and my credit score was low because of late payments. For the loan modification I had to bring everything to the table again but this time there was …

Decided against a mortgage modification?  You may need a bad credit 2nd mortgage!

Related articles by Zemanta

• Citi to suspend foreclosures for 30 days (seattletimes.nwsource.com)
• Anti-Foreclosure Programs A Failure? (homeloans.org)
• Mortgage rescue: Credit score killer (money.cnn.com)

Tagged as: Credit Score, Foreclosure, mortgage, mortgage modifciation, obama

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