Has anyone had a loan modification?
Did it effect your credit? How long did it take? Did you hire an attorney or someone to negotiate on your behalf?
What is Loan Modification
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Comments
Yes my co-worker has. It seems to have saved his home. It took him about 3 months. The modification company negotiated for him and used their attorneys. He was behind a couple of payments already so his credit already was hurt but I don’t think it would anymore. I know he used a company that worked well. Email me back at, I could get you the name if your interested.
I did one for my father. His credit was not hurt, but he has to pay income tax on the decreased principle. I had the principle decreased, the interest rate decreased and fixed.
I did this myself, it was pretty easy. It was along the lines of applying for a loan.
yes, it did not, what hurt my credit was not paying my mortgage for 4 months! the loan mod helped me so that now i can pay my mortgage and build my credit back up, email me for my info.