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Reload this Page Obama's loan modification program can trash your credit score (home loan, approval, payment)
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Old 07-18-2009, 11:25 PM
 
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Quote:
July 17 (Bloomberg) -- Victor Stern thought his money troubles were over when he got approval to modify his home loan. Then his credit score dropped 121 points.
Cheaper Mortgages Spark Lower FICO Scores for Payers (Update1) - Bloomberg.com
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Old 07-18-2009, 11:32 PM
 
Location: Sacramento
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Well if people have their loans modified because they can not pay their current payment there shouldn't expect to be considered a good credit risk. That is what FICO is all about credit risk.
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Old 07-19-2009, 05:10 PM
 
48,502 posts, read 96,983,083 times
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Make sense to me too. Look what would have happened witout get the mod loan.
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Old 07-20-2009, 08:27 AM
 
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Any account "settled for less than full" will and should negatively inpact a person's credit score.
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