While keeping your home certainly trumps living on the street with a higher credit score, a loan modification can knock as much as 105 more points off your credit score than a foreclsoure.
According to a published article in the Detroit Free Press, a “loan modification to get a lower mortgage payment and stay in your home could impact your credit score. In some cases, consumers could see credit scores drop by 100 to 150 points.” If you have a home foreclosure, you could see your credit score drop by 45 to 100 points.
DHW asks: Do you think this credit scoring is fair?
Tags: credit report, credit report score, credit score, foreclosure, loan modification, modification, mortgage, mortgage modification
Credit: Modification worse than foreclosure. Say what? http://bit.ly/7qnZid
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