A Loan Modification May Cost You 50 Points on Your FICO Score!!!

Florida real estate broker

 

Hi folks. I just read this and had to share……

“Unfortunately, the “Big Three” credit bureaus – Equifax, Experian and TransUnion – have issued new guidelines that allow lenders to report new mortgage loan modifications as “partial payment status,” a designation that could lower an individual’s credit score by more than 50 points.”

It’s my opinion that being penalized for doing a loan modifcation is just BS to the nth degree! It’s like why bother? Why not just go ahead and do the short sale and move on with your life?

What will they think of next?

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

***The content of this blog is solely my opinion***

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