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Ruined Credit Rating

Discussion in 'Loan Modification' started by johanneslg, Apr 20, 2010.

  1. johanneslg

    johanneslg LoanSafe Member

    So we got good news last week, we had been approved for a permanent loan modification after a six month trial period. But on the same day, they sent us a serious delinquency notice saying we owed around $7,000--the amount that was cut from our mortgage payments during the trial period.

    I called and asked if this was anything to worry about, they said no, and then I asked if they were reporting us to a credit agency, and they again said no. The loan modification was in process. The computer was automatically generating the delinquency notices and would stop as soon as we returned our loan modification contract.

    Today we got letters in the mail from our credit card company saying we'd been reported to the credit agencies as seriously delinquent on our mortgage and they were reducing our credit limit to $500. We have had perfect credit up until now.

    I know when you get a loan mod, that gets reported to the credit agency, but we have been reported as seriously delinquent. Is this supposed to happen? How do we undo this?

    Every time I think we've finally made it, they keep pulling me back in.

    Thanks for the advice.
  2. lisasxr

    lisasxr LoanSafe Member

    If you entered into a HAMP trial period and were current when you entered the trial, they should have reported you Current - Paying under Partial Payment Agreement (or if after 11/2009 - Current - Under Federal Gov't Plan)

    Pull the HAMP directives and have them correct. Also, dispute with the credit bureaus.
  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Yes I agree with Lisasxr they should not be reporting you delinquent if you entered the trial period current. Since you jut received a permanent modification request they remove the marks from your credit report. Who is your servicer?
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Yes I agree with Lisasxr they should not be reporting you delinquent if you entered the trial period current. Since you just received a permanent modification request they remove the marks from your credit report. Who is your servicer?

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