Will Modification Hurt My Credit?

Many people are facing high mortgage payments and increasing debt because of the country’s economic situation right now. Thousands have considered foreclosing on their homes because they find themselves struggling to make monthly payments. However, more and more people are discovering the benefits of mortgage modification, which can save your home from foreclosure. You may be wondering if mortgage modification will hurt your credit score, and it is important to know that you are not alone in that question.

If you or someone you know is facing financial difficulty and is having trouble making mortgage payments, mortgage modification may be a good choice for you. Contact the experienced Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., at 443-546-4608 today to discuss your financial options.

My Credit Score

In a period of financial distress, one of the primary reasons that an individual’s credit score may suffer is that they fall behind on mortgage payments. Mortgage modification, then, can actually help you to avoid this common pitfall. Every individual’s situation is different during the modification process, so it is difficult to determine how your credit might be affected. Modification attorneys take into account:

• Financial situation before modification
• Payment reliability after modification
• Current credit score
• Terms of modification agreement, such as reduction in principal

Modification itself will not hurt your credit, but what might is if you miss or are late on payments after modification takes place, just as missing payments before modification might hurt your credit.

Contact Us

If you are considering mortgage modification to avoid foreclosure, contact the experienced Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., by calling 443-546-4608.