How does a loan modification affect my credit?

How does a loan modification affect my credit?

Technically, a loan modification should not have any negative impact on your credit score. That’s because you and the lender have agreed to new terms for paying off your loan, so if you continue to meet those terms, there shouldn’t be anything negative to report.

When to use loan modification for financial hardship?

A loan modification is used when the customer has had a temporary financial hardship but is now able to meet a modified payment and they do not have the ability to enter into a repayment plan. May not be available for all investors.

How long has PHH Mortgage been in business?

For over 30 years, PHH Mortgage has provided industry-leading mortgage services and helped countless homebuyers and homeowners find financing solutions to meet their needs. Our reputation is based on building and maintaining relationships that last long after you get the keys to your home or complete your refinance.

Who are the recent mergers and layoffs in the mortgage industry?

Nationstar Mortgage – sold wholesale division to Stonegate Mortgage, 1,000+ layoffs Nationstar Mortgage – acquired Greenlight Financial Nationstar Mortgage – purchased $10.4 billion in loan servicing rights from Bank of America

Is there a merger between Ocwen and PHH Mortgage?

PHH Mortgage is joining the Ocwen family! Ocwen and PHH Mortgage announced today that the merger of the two companies is complete. Six things to know to your home ready to sell.

How to apply for a mortgage loan modification?

Steps to Get Your Mortgage Loan Modified 1 A loan modification might reduce your monthly payments and prevent a foreclosure. 2 Basic Eligibility Requirements to Get a Mortgage Loan Modification. 3 Documents You’ll Need to Provide With Your Application. 4 Make Sure Your Application is Complete. 5 When to Seek Legal Counsel.

How does Hamp help with mortgage loan modifications?

HAMP can help borrowers receiving unemployment benefits by suspending mortgage payments for 12 months or more through the Home Affordable Unemployment Program, or UP. HAMP can also reduce the overall mortgage balance due through its Principal Reduction Alternative.

When does the government mortgage modification program end?

The federal government introduced a mortgage modification initiative to deal with an influx of foreclosures. Scheduled to end on Dec. 31, 2015, the Home Affordable Modification Program, or HAMP, helps streamline the modification process among mortgage lenders and loan servicing companies.

How is a loan modification different from a refinancing?

Unlike mortgage refinancing, loan modifications don’t replace your existing mortgage with a new one. Instead, they change the original loan. Instead, they change the original loan.