List/Grid Tag Archives: mortgage modifications

Tips to Secure the Lowest Possible Home Loan Rate

There’s likely no greater financial commitment you will make then signing a mortgage for your home.  With soaring home prices, many home loans are typically for $200,000 or more.  Your monthly mortgage payment is likely to be your biggest expense each month. Why pay more than you have to? With some research beforehand as well as some negotiating during the home loan process, you can secure the lowest interest rate possible.  The difference between even a 5% versus a 4% interest rate can make the difference between tens of thousands of dollars ...
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Ask For Info, Decrease Your Credit Score??

In an interesting article from the Huffington Post, an individual requested information from his mortgage servicer, Bank of America, about who actually owned his mortgage. He did this through a website called “Where’s the Note?”. As a customer you actually have the right to know who owns your note. However, after initially declining to tell him who owned his note, a few weeks later he received notice of the investor who actually owned the note. And some other bad news. His credit score was dinged 40 points, dropping from an excellent ...
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Expect A Hit To Your Credit Score

Many homeowners are facing unforeseen troubles right now. All across the country there are foreclosures in records numbers due to the troubled economy and lax lending standards in the past. Also many homeowners are unable to sell their home for enough to cover their mortgages if they do have to move. However, many of the solutions that are being offered will still hurt your credit. If you must sell and move and you cannot get a high enough price to cover your mortgage you can get a short sale, meaning that the mortgage company will agree to take ...
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Mortgage Modifications And Credit Scores

The general consensus is that a mortgage modification, while it may help you to get your finances back in order and it may help you to save your house, it may also make your credit score crash. However, apparently that depends upon how your lender chooses to report the modification. (Would that just be the luck of the draw?) If your lender modified the loan and forgave 10% of the balance owed but chose not to report that loss as a “charge-off” then your score may only dip 10 to 30 points. But if they choose to report it as a charge-off you could ...
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