July 13, 2024


Mad about real estate

Mortgage Loan Modification – Does It Affect Your Credit Score?

Your credit rating is one of the most important things for you to protect. If you have already fallen behind on payments then you have begun damaging your credit.

If one of the payments that you’ve fallen behind on is your mortgage, there have not been many options to help you. Bad credit will keep you from qualifying for any of the traditional help for lowering your mortgage payments, such as a refinance. Since the introduction of the loan modification program, there is finally help available.

Hector Milla Editor of the “Best Loan Modification Companies” website — https://www.BestLoanModificationCompanies.com — pointed out;

“…Loan modification is a process in which a lender gives you the opportunity to keep your home by reviewing your income and restructuring your mortgage payment to 31{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of your income to ease up your financial situation and help you get your mortgage payments current…”

There will be a verification of your current income to determine your ability to make the modified payments. The lender will also want you to write a letter explaining your financial troubles. They will need to understand what went wrong and how your current situation will be able to sustain the loan if granted a modification.

If your payments are so far behind that you are facing foreclosure, there is even more good news about loan modifications. Once the process has begun, your foreclosure proceedings will stop immediately. For anyone that has had to face the devastation that is the threat of losing your home, this is a peace of mind that you can not put a price on.

“…There is also good news for your credit score. Once the loan modification has been approved, your credit report will show your mortgage as current. All past due payments will be incorporated into the restructured loan and all late fees and penalties will be removed…” H. Milla added.

If you need help getting your mortgage payments caught up and keeping them current, loan modification may be just the thing you need to help you get back on track.

Further information about how to get professional assistance with a mortgage loan modification by https://www.BestLoanModificationCompanies.com