If doing a mortgagee modification is credit score impacted?

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inGearX 3.1415 9265 join:2000-06-11 New York clubs:	If doing a mortgagee modification is credit score impacted? Good day, If a person is doing a mortgagee modification (when bank in my case Chase agrees to modify the mortgagee) (not refinancing) is credit score impacted? Chase tells me yes, but will not go into details; Others say no; Any clarification? Thank you...
	permalink · 2009-07-04 13:28:29 ·

HRM
God Bless America
Premium,MVM
join:2002-02-03
Darien, CT
clubs:

Re: If doing a mortgagee modification is credit score impacted?

Getting 100 on a test effects your overall score too. Any activity effects it. Who is to say the effect is negative. You don't give much info to infer what your situation is.

But seriously, who cares? What could be more important than saving big bucks on your largest purchase ever? Save bucks, pay cash.

If things are tight, you shouldn't be getting any new credit anyway, if things are fine, you shouldn't need new credit.

permalink · 2009-07-04 15:47:15 ·

CylonRed Premium,MVM join:2000-07-06 Bloom County	Have you checked at MyFico.com?
	permalink · 2009-07-04 18:59:33 ·

Jonbo298

join:2004-01-12
Council Bluffs, IA

I work in the Home Mortgage CS side of things (not for Chase) but from what I've heard from Collections/whatever name the company uses that does Loan Mod's, it does impact your credit score to an extent because it will reflect you being on a loan mod or repayment plan, etc...

Now, down the line it may look negative but as long as you aren't doing it constantly (ie: reapplying every time it comes to expire), it will look better then just going through 3-6 months of not paying at all.

permalink · 2009-07-04 21:26:24 ·

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