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jesus1414
Joined: 17 Apr 2009
jesus1414's page
Posts: 3
137 Magic Points
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Subject: mortgage default credit ruined
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Fri Apr 17, 2009 5:58 am
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| i recently defaulted on my mortgage and bcuz of that my score went significantly down is there any way to repair my credit at this point. i also modified my mortgage so now im making payments on time for about two months now. but i have heard that if its bcuz of a mortgage situation that the credit companies have to remove it from my credit report is there such a thing??? |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Fri Apr 17, 2009 8:21 am
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Mortgage default generally stays on your credit report for 12 months from the date you make the account current and so it will affect your score for one year after which your score will start improving.
I have heard no updates that the creditor need to remove the late mark from your report once you make it current.
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Justin |
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Subject: mortgage default credit ruined
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Fri Apr 17, 2009 12:50 pm
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| thank you very much i guess its better than 7 or 10 years of bad credit |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Fri Apr 17, 2009 5:02 pm
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| HI yes this is true but i myself too havent heard of them removing it off once you become current on ur payment. |
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jesus1414
Joined: 17 Apr 2009
jesus1414's page
Posts: 3
137 Magic Points
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Subject: mortgage default
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Fri Apr 17, 2009 7:28 pm
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| ok i just wanted to know thank you... also i checkedmycreditscore on transunion through a site that they have available it shows to be a 490 because of the debt to income ratio and also because of the default. previously it was a 660 or so not goodbut it was better than 490. the principal on themortgage is 160.000 i am currently modifing my loan through citi mortgage the company made me a packet that says that for the first year i will be at 4.25% the second year it will be 5.25% and the third and final year i will be back tomy current rate 6.25% and extend it to 40 years does this sound right is it consistentwith other modification that other troubled people might have?? just want to make sure i get the best of this modification since i am doing it by myself with liitle knowledge of the program. any info is appreciated |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Mon Apr 20, 2009 7:40 am
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Hi Jesus
Actually the interest rates offered in loan modification program, differ from one case to another depending on the principle amount borrowed and the original interest rate offered. Since your original interest rate was low (6.25%), I think that it is a good offer to get a lower interest rate of 4.25% during the first year and 5.25% during the second year. However, it depends whether you can afford to pay the loan at modified rates. I think that you should try to modify your loan yourself by calling your creditor.
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Mon Apr 20, 2009 11:36 am
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Financial derivatives, like "credit default swaps" on mortgage backed securities, were specifically deregulated by Phil Gramm, et al, in the Commodity Futures Modernization Act of 2000. Though many Democrats signed it, the bill was pushed through by the GOP with Alan Greenspan cheer-leading.
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jesus
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Subject: mortgage default credit ruined
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Tue Apr 21, 2009 1:02 am
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| thank you carol i greatly appreciate your help. i am currently working with my creditor ref. the modification the numbers that i mentioned is what they are offering me i just wanted to reassure that i was doing and getting the rite deal or in this case the right modification. since i am lost in mortgage modification it is certainly comforting to hear that the numbers arent bad thank you again. |
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 145
Location: PA
1528 Magic Points
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Tue Apr 21, 2009 1:31 am
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Hello Jesus,
I also agree that it is a very generous offer from citi bank to lower your rate and also extend the duration of your loan. I'm sure that it will make your monthly payment much more managable.
Just think, a few years down the line you may be able to refi your current loan to a fixed rate 30 year mortgage. Hopefully by then the housing markets will start to come back up and let's all hope the rates are still this low as well. Until then just start working on that credit score and doing all you can to improve your credit rating.
Best of luck.
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Scott McKay
FreeOnlineCreditGuide.com |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Tue Apr 21, 2009 5:06 am
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Yes, I think that you can go with the offer, but make sure that you do not miss any payment again after to start paying as per the modified interest rates.
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Carol |
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jesus1414
Joined: 17 Apr 2009
jesus1414's page
Posts: 3
137 Magic Points
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Mon Apr 27, 2009 4:19 am
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| yes.... thanks to all i wiil certainly work on my credit score from here on out thanks again |
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cdloanmod
Joined: 26 Jan 2009
cdloanmod's page
Posts: 24
Location: Laguna Hills,CA
790 Magic Points
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Subject: Mrtgage loan modification
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Mon Apr 27, 2009 9:52 am
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Hi,
The government has stayed on track with its loan modification approach, offering more incentives for lenders taking part in the program. The Federal Housing Administration (FHA) also continues to offer refinancing loans to qualified borrowers.
cdloanmod.com |
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cdloanmod
Joined: 26 Jan 2009
cdloanmod's page
Posts: 24
Location: Laguna Hills,CA
790 Magic Points
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Subject: Mortgage modification
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Tue Apr 28, 2009 10:36 am
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Hi,
There are lots of mortgage modification companies out there, but not all of them are reliable. Make sure to find an attorney-backed firm with a good track record and established contacts in the area. After all, when you’re already facing foreclosure, you need all the help you can get—and the best place to find it is with the right professionals.
cdloanmod.com |
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