loan modification and credit rating - Loan Modification Forum

rkw333 · 01-19-2009, 10:21 AM

Hi there. Lot's of good info here. Thanks all for posting.

I'm wondering if a loan mod causes bad credit in and of itself.

Situation: Have never missed a payment. Good credit. Home value, $320k. 1st of 353k. Second of $72K.

My income is going to reduce and want to negotiate with lenders telling them I'm going to walk, which I may do. Hoping they'll negotiate, but would like to do it without suffering a credit ding.

Thanks for your thoughts.

HopingtoFind · 01-19-2009, 11:09 AM

Hi rkw333,

The loan modification doesn't cause bad credit in and of itself. You score will be affected if you miss payments...

rkw333 · 01-19-2009, 11:16 AM

thanks for the info.

01-19-2009, 10:21 AM	#1 (permalink)
rkw333 Junior Member Join Date: Dec 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	loan modification and credit rating Hi there. Lot's of good info here. Thanks all for posting. I'm wondering if a loan mod causes bad credit in and of itself. Situation: Have never missed a payment. Good credit. Home value, $320k. 1st of 353k. Second of $72K. My income is going to reduce and want to negotiate with lenders telling them I'm going to walk, which I may do. Hoping they'll negotiate, but would like to do it without suffering a credit ding. Thanks for your thoughts.

01-19-2009, 11:09 AM	#2 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 641 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification and credit rating Hi rkw333, The loan modification doesn't cause bad credit in and of itself. You score will be affected if you miss payments...

01-19-2009, 11:16 AM	#3 (permalink)
rkw333 Junior Member Join Date: Dec 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification and credit rating thanks for the info.

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