permanent modification....what happens on credit report?

[rachel_p]

This question may be best suited for Moe, since he's had a permanent for awhile now.

Just wondering how a permanent modification affects a credit report. Is it a negative thing? Does it turn to "paying a modified payment" rather than "paying on time".

We only want to live here for a couple more years.

We keep going back and forth on whether to accept the permanent mod agreement (if it EVER shows up!) or not.

I don't want to accept it if it's going to affect our ability to build another home in near (ish) future.

[Evan Bedard]

Hi Rachel P,

Just wondering how a permanent modification affects a credit report. Is it a negative thing? Does it turn to "paying a modified payment" rather than "paying on time".

We only want to live here for a couple more years.

We keep going back and forth on whether to accept the permanent mod agreement (if it EVER shows up!) or not.

I don't want to accept it if it's going to affect our ability to build another home in near (ish) future.

A permanent modification will have no affect on your credit score. It is only when you miss payments or enter the trial/forbearance period is when your credit may be affected..

[rachel_p]

Thanks Evan.

Our minds are going in circles right now trying to make decisions.

[Evan Bedard]

Your welcome Rachel. Yes I totally agree, this process is very confusing and stressful at the same time..