FICO to ignore the impact of a Home Loan Modification- if reported accurately

Link: http://www.nwlmc.com

Bill Black - CMP

Sunday, November 1, 2009

“I have perfect credit and I am not late on my mortgage but I really need to get a lower payment so if I was offered a federal home loan modification how will this affect my credit score?”

This is currently one of the most asked questions states Kathleen Jamal, Operations Manager at the NW Loan Modification Center in Vancouver, Washington that specializes in default solutions with an emphasis on the Home Affordable Modification Program (HAMP). One of the key processes that NW Loan Modification Center includes in their home modification program after the modification has been implemented is a credit analysis to verify that the credit agencies have the most accurate information based off the new guidelines.

http://nwlmc.com/blogs/index.php/mortgage_modifications/fico-to-ignore-the-impact-of-a-home-loan-modification-if-reported-accurately