Do homeowners also find a hit on their credit report if edge agress on settlement beneath the current mortgage regulation?
In July, 2008 Bush signed a bill which applies as of Oct, 2008 which will allow banks to refinance troubled mortgages under dependable rules such as ( if sell in first year they own to give 100% profit to government) and so on. I like to know if this will effect homeowners credit report if they agree to adopt this deal?
Answers:
that is unknown at this time but I would say aloud yes as the new loan is a short to close refinance of the present mortgage and there have to be some sort of posting
If it gets to the point of have to refi the mortgage under this program, their credit is probably already in the gutter. Homeowners won't be capable of even be in this program until they fail to honor the mortgage contract lingo. By that point, it's being reported as such.
I think Jay is right. People that are person allowed to "modify" their mortgages are the people that are already behind, so their credit have already been negatively affected.
And I infer that there will be some sort of designation on the person's credit report stating that the new loan is a "modified" loan... and rightly so. If this party is having trouble paying their agreed-upon debts, and they are offered a way out, any adjectives potential lenders should be allowed to know this information before extending them further credit. It would not be fair to permit these people out of $100,000 or more of the debt that they agreed to pay, and hold there be no consequences or repercussions whatsoever. Then they could just travel out and get into more debt!
I think it should probably work impossible to tell apart way "credit counseling" does- the person's creditors agree to lower their monthy paments and APR, and stop late and over-the-limit fees, but their credit will designate them as individual in "credit counseling", so that they cannot just turn out and get more credit cards!
Related Questions:
Can a credit check made on me affect a impending mortgage ?
We have allmost been approved for a mortgage.Its 95 percent done .3 weeks till closing and we freshly applied for credit at a furniture storeCan that hurt our loan approval or affect the process.We didnt make a purchase,we just applied for the...
Answers:
that is unknown at this time but I would say aloud yes as the new loan is a short to close refinance of the present mortgage and there have to be some sort of posting
If it gets to the point of have to refi the mortgage under this program, their credit is probably already in the gutter. Homeowners won't be capable of even be in this program until they fail to honor the mortgage contract lingo. By that point, it's being reported as such.
I think Jay is right. People that are person allowed to "modify" their mortgages are the people that are already behind, so their credit have already been negatively affected.
And I infer that there will be some sort of designation on the person's credit report stating that the new loan is a "modified" loan... and rightly so. If this party is having trouble paying their agreed-upon debts, and they are offered a way out, any adjectives potential lenders should be allowed to know this information before extending them further credit. It would not be fair to permit these people out of $100,000 or more of the debt that they agreed to pay, and hold there be no consequences or repercussions whatsoever. Then they could just travel out and get into more debt!
I think it should probably work impossible to tell apart way "credit counseling" does- the person's creditors agree to lower their monthy paments and APR, and stop late and over-the-limit fees, but their credit will designate them as individual in "credit counseling", so that they cannot just turn out and get more credit cards!
Related Questions:
Can a credit check made on me affect a impending mortgage ?
We have allmost been approved for a mortgage.Its 95 percent done .3 weeks till closing and we freshly applied for credit at a furniture storeCan that hurt our loan approval or affect the process.We didnt make a purchase,we just applied for the...