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Posted in Mortgage
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Lostinart

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Home loan modification
My credit is good. How will a home loan modification efeect my score? How much will it drop my score?

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That all depends if you stop paying your mortgage.  I hear stories from clients that their bank told them to stop making payments so it'll show hardship and make it easier for the home modification.

It will wreck your scores.  Be prepared for a 100 point hit to your scores if you even have a 30 day late on the mortgage.

Also be prepared for not getting any new credit for a couple years due to the late payment and score drop.

Why can't you refinance the loan?  No equity?

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