bankruptcy loan modification bill
No Credit Check for Loan Modification ?
I heard that they don’t look at your credit score to determine if you’re qualified for loan modification or not. But do they still pull your credit ?
It’s just that I have racked up more than 25,000 of credit card debt that I used to pay for the mortgage & bills (I know I was stupid, but I thought I could figure out a way to save the house while doing it)
I have not filed bankruptcy yet, but will have to eventually… as of now my house is my priority so just would like to have some feedback if having lots of debt in credit card/line of credit will make you unqualified for loan modification.
PLEASE go see a nonprofit credit counselor, HUD accredited. Don’t assume that you’ll have to file bankruptcy. You made some poor choices and will have to deal with the consequences.
I’d just anonymously call and ask if loan modifications are being done and what the procedure is, what is required. I’d guess they’ll pull credit, but I don’t know as it’s a pretty simple procedure, and they’re just lowering the interest rate on your loan. They want to know that by lowering the interest rate they enable you to make a go of the house, and avoid foreclosure or bankruptcy.
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