Did You Know That Loan Modification Can Hurt Your Credit Score?
If you did not know, if you attempt a loan modification, your credit score will be adversely affected by as much as 100 points. Some home owners are not aware of this and are suddenly being surprised after hearing this can happen whether you are accepted for the loan modification or denied, after the trial period.
“Why should people’s credit be hurt even worse when they’re trying to do the right thing?” said Eileen Anderson, senior vice president at Community Development Corp. of Long Island, a housing counseling group in New York.
And many homeowners are angry that a program designed to help carries such a penalty, said Kathy Conley, a housing counselor with GreenPath Inc., a nonprofit group in Farmington Hills, Mich.
“It’s a feeling of being duped,” she said.
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