I applied for a loan modification and was approved by my lender. It's not a tradtitional loan mod, it's the
new Home Affordable one. It can take 90 days to complete the paperwork and make it final, but the new lower payment starts immediately. Anyway, I have been making my payments on time and have not been late yet. My question is this: If I now make this lower payment, will it look like a late payment on my credit report because it will look like a partial payment since the loan mod isn;t finalized yet?
I strongly urge you to get any commitment in writing. Be sure that the offer states clearly your monthly obligation.
Monitor your credit report as well. Freecreditreport.com can be a benfit to you IF you monitor it and IF you can remember to cancel the service when you no longer need your credit to me monitored.
Best wishes and BIG CONGRATS on a successful loan mod. They are not all that common!
No, you just making the payments on time, you're fine.
Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.
Good Luck.
Hi Julie,
Hope you have called and found out when the bank wants you to adjust the payments! Best advice all ways ask twice.
Make your full payment they will refund on keep in an escrow account any surplus.
Hi Julie,
I'm not sure either....but this would be the time to negotiate with the lender to make sure that you've asked for them to correct your credit report. A loan modification is going to show up on your report.
Be sure and let us all know what happens.
Karen
Talk to the lender and make sure that they give you something in writing showing the payment has been modified for the new date. This way if in the future it shows up on your credit report you have proof to verify the change.
You need confer with your mortgage broker or lender determine status and has details all required anwers
GREAT QUESTION
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911
Didn’t find what you were looking for? Ask a question!
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity