What Time Does The Missouri Tigers Play Football Today Mortgage Modifications – Angels Or Devils?

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Mortgage Modifications – Angels Or Devils?

With mortgage modifications becoming much more common in today’s economy, the question on many people’s minds is: How will this affect credit scores?

Until recently, it was up to the mortgage companies how they decided to report the loan modification. Several people chose not to proceed with the modification because they knew it would affect their credit score, even if they weren’t sure exactly how.

Recently, however, the government implemented a plan that creates a consistent and accurate way for government-sponsored mortgage loan modifications to be reported on credit reports.

Until now, lenders could report a loan modification in different ways. If the lender is feeling generous, they might report the mortgage as “paid as agreed”. This designation would not have a negative impact on the homeowner’s credit, but this type of reporting did not occur often.

Most lenders reported the changes as partial payments, meaning that although the payments were made on time, they were only a percentage of the payment due. This would have a terrible impact on the home owner’s credit. Often the consequences would be similar if a short sale or foreclosure is listed on their credit report, which has a detrimental effect for years.

The new reporting standards are effective November 1, 2009. Following orders from the Consumer Data Industry Association, lenders must now report this as a “loan modified under a federal government plan.” For now, any mortgage listed under this label will have no effect on FICO (Fair Isaac Company) credit scores.

Once there is enough data on mortgage loan modifications, FICO will be able to determine how or if it wants to rate these marks. Since the FICO score is risk-based, the decision will be made based on whether a credit modification is a risk factor.

Usually, when switching to a mortgage loan modification, there is a trial period of three months. During this period, the loan will be accurately reported in terms of whether it is on time or late. Once the trial period is successfully completed, the loan will switch to reporting as a “federal plan modified loan.”

Although FICO will not negatively report loans with this designation at this time, there is still a possibility that lenders will view it negatively.

At this point, there is no way to determine exactly how a loan modification will affect people’s credit. But many agencies try to provide as much protection as possible so that people don’t have to face serious negative consequences while trying to modify their mortgage.

To learn more about mortgages, refinancing and government programs that may be available to you, call us at 866-590-4562!

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