Loans, Debt & Credit - View Single Post - Looks like your credit score will get trashed even if you're current with the Obama plan

AACPA · 07-27-2009, 01:42 PM

My understanding is that accepting the loan mod from the HMAP will affect your credit whether you are current going into it or not and that accepting the loan mod could see your credit score drop 100 points or more. Its not just the trial modification that is going to ding your credit, it is accepting the final modification that is going to ding your credit. The fact that you had to apply for a loan modification shows you are a now a greater credit risk.

07-27-2009, 01:42 PM	#6 (permalink)
AACPA Senior Member Join Date: Sep 2007 Posts: 166 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Looks like your credit score will get trashed even if you're current with the Obama plan My understanding is that accepting the loan mod from the HMAP will affect your credit whether you are current going into it or not and that accepting the loan mod could see your credit score drop 100 points or more. Its not just the trial modification that is going to ding your credit, it is accepting the final modification that is going to ding your credit. The fact that you had to apply for a loan modification shows you are a now a greater credit risk.