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Pedro Gonzal…, Real Estate Pro in Jersey City, NJ

Will a loan modification affect a client's credit rating even though he/she has made all mortgage payments on time?

Asked by Pedro Gonzalez, Jersey City, NJ Tue Nov 27, 2012

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Yes, unfortunately if your loan is modified it gets reported to the credit bureaus in which a potential creditor can see there was a modification to the original loan. With payments made on time, this can help to improve the score over time.
0 votes Thank Flag Link Thu Nov 29, 2012
I'm not 100% sure but I think that if you are on time with your payments the bank will probably tell you that you don't need help.
You'll need to be late on your mortgage payments for them to consider your case. And that is the part that affect your credit rating.
You most contact a Mortgage Professional.
0 votes Thank Flag Link Tue Nov 27, 2012
great questions I would think not but check with a mortgage pro and let us know
thanks
0 votes Thank Flag Link Tue Nov 27, 2012
That's a very good question and depends on a lot of variables. Contact a REALTOR, mortgage rep and CPA to determine your liabilities and most impotrant you abilities!
0 votes Thank Flag Link Tue Nov 27, 2012
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