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Loan Modification Bad Credit

November 24, 2007

in Community Blog

loan modification bad credit
If I use loan modification plan Obama, I hurt my credit?

I have an arm which expires in January 2011. My payment current mortgage is $ 1700 per month (5% rate). I tried to refinance into a 30-year fixed rate, but got denied (My wife working only part-time at the moment). My mortgage company says I entitled to an immediate reduction of $ 300 to my monthly payment for the next 4 months while they look at our information and determine if we qualify for a loan modification permanent. They think we're probably going. But they warned that they report to the credit bureau that we will not be made a partial payment for the next 4 months, and we will take part in Obama's plan loan modification. Is that bad? My wife plans to return to work full time in 4-5 years and then we'd buy a bigger house. Does the use this loan modification plan ruin our credit and kill our chances of being approved for a loan in the future? We have perfect credit per hour present, no missed or late payment. How bad does it hurt our credit? Any ideas?

My wife quit her job about 2 years ago. She has no immediate plans to re join the labor market, even if we are financially sinking into an eyeball on the high sea of debt. It is true when they say, "men because they have to work, women work because they want".

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