Loan modification and credit checks

Date: Fri, 02/19/2010 - 18:54

Submitted by luckin10
on Fri, 02/19/2010 - 18:54

Posts: 181 Credits: [Donate]

Total Replies: 3

Loan modification and credit checks

I am completely panicked about our stupid home loan modification that is supposively "going through" since August with Aurora Loan services. I have posted on this before. They told me the other day that they are required to give us a status update any day. We are really needing this to go through. I am however, worried about defaulting on our credit cards and then for whatever rhyme or reason they find out and it jeaopardizes them giving us the loan mod. We are trying to do the Obama thing..if that doesn't work then they will try for a traditional mod..I just can't feel comfortable in getting enough info on this that I am wondering if I should hold off..keep our cards current until this goes through. We are dying here and it is really hard to pay these cards and I don't want to take any of the money we have worked so hard to save. PLEASE anyone been in this situation..what did you do..does it matter should I just move fw with the debt settlements? Will the loan modification people care..namely freddie mac is the investor. I ASSUME THEY CHECK OUR CREDIT, BUT WHAT ARE THEY LOOKING FOR?

Luckin, I modify mortgages all day long, and honestly it would p

Luckin, I modify mortgages all day long, and honestly it would probably look better if you do a debt settlement on your credit cards. It would show your mortgage company that you have more affordabity to pay your mortgage if you are paying less on the credit cards. Where I work, we dont count the credit card payment if it is owing for more then 3 months or if the account is closed (even if there is still a balance).

lrhall41

Submitted by loss mitigation on Fri, 02/19/2010 - 19:36

( Posts: 20 | Credits: )

How would a credit application on my husband's small business ef

How would a credit application on my husband's small business effect home modification?

lrhall41

Submitted by luckin10 on Fri, 02/19/2010 - 21:21

( Posts: 181 | Credits: )

any credit applications wouldnt matter, we dont even look at tha

any credit applications wouldnt matter, we dont even look at that part of the credit report, all we care about is the outstanding debt and cc that are being paid, so dont get any new loans until after the mod

lrhall41

Submitted by loss mitigation on Sat, 02/20/2010 - 17:20

( Posts: 20 | Credits: )