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Old 10-17-2008, 10:40 AM
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Default Loan Mod's affect credit?


Hi,
Trying to branch out a little and would like to know if a loan modification would affect my credit?
Say if they modify my loan to include my last 2 missed payments at the end of my note, does that affect how they report? Do the late pays go away?
Any help would be appreciated...

Becki
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#2
 
Old 10-17-2008, 05:33 PM
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Quote:
Originally Posted by fisher010978 View Post

Hi,
Trying to branch out a little and would like to know if a loan modification would affect my credit?
Say if they modify my loan to include my last 2 missed payments at the end of my note, does that affect how they report? Do the late pays go away?
Any help would be appreciated...

Becki
It depends on them. Try a goodwill letter once you get it set with your loan company.
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#3
 
Old 10-17-2008, 08:39 PM
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Not usually, Becki. Not unless you can get them to take them off or catch them before they report them. I would try by phone and then by goodwill letter as JJ mentioned.
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