CNN Money: Undoing all the good it might have done. Stupid.
Trial loan modifications hurt borrowers’ credit histories. “Told it would not hurt his coveted 750 score, Axelrod secured a $565 reduction in his monthly payments. Eight months later, Axelrod is still stuck in the trial modification, trying to satisfy his loan servicer’s endless requests for documents. And to his horror, his credit score has plummeted to 644.” With this kind of governmental help, who needs dictatorships to rain on your parade?
Comments:
I just submitted the closing docs for a loan mod last week. Almost zero paperwork, no requalification, no fees—Wells Fargo even supplied the notary public. Rate reduced 3/4%. Haven’t heard about my credit score, hope this won’t be an issue.
Posted by BillSaysThis on 12/29/09 at 03:57 PM
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One of my neighbors does “loan mods” for Chase. She’s been in the program for better than a year. She’s written precisely zero mods in that time.