by Moe Bedard
Do borrowers taking part in the Obama administration’s mortgage modification program deserve a black mark on their credit records?
Lenders use special codes to let credit bureaus know what customers are borrowing and whether they’re paying on time. When the loan modification program, which lowers mortgage payments for homeowners who are behind in their payments or [...]
Read the full article →
by Moe Bedard
Jasmine Bendon of Ventura says her FICO scores dropped from the mid-700s to the low-600s after her lender put her on a trial modification and reported it as a partial payment. On the plus side, the trial modification has cut her monthly payment by $1,300.
New reporting plan
Starting today, lenders have a new, more benign way [...]
Read the full article →
