Does Mortgage Modification Affect Credit Score

Mortgage Modification Affect Credit

July 2nd, 2009

Mortgage Modification Affect Credit

Question: How bad is your credit affected if you Short Sale? Foreclusre?

One of rentals are killing us! We are throwing out about $800 in addition to the check to make the mortgage! We have been doing this for a while now and unfortunately it's kicking our butt. We have tapped into our equity line for help but we can't rely on that. We have called a bunch of places for loan modifications and nothing. Someone told us if we stop making payments is when they start wanting to modify your loan. If we were to do that so they can help modify our loan...how would that affect our credit. We would stop making payments until they modify our loan. Any suggestions would be great! Thanks.

Answer: I would call the lender now. There is no guarantee that the lender will offer you any type of modification....especially on an investment property.

How Does a Loan Modification Affect My Credit

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