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If I get a loan modification through HAMP, will my credit be affected?

by CKurtz from Lexington, Massachusetts. Jan 15th 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Almost without exception loans that are modified result in a reduction to your score. Also, a loan that was modified Under HAMP or otherwise may make it much more difficult to obtain future credit. If your loan qualifies for HARP, the new loan pays off the old loan and the impact to your credit is no different than a regular refinance. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 15th 2013
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Matt Pollina (matt@smartmtgs.net)
#59 ranked lender in Illinois - 40 contributions

You may want to see if you qualify for HARP 2.0 first. Go to https://www.knowyouroptions.com/loanlookup and if your loan was acquired by Fannie Mae prior to June 1st of 2009 and you have made all your payments on time for the past 12 months, then you should qualify. Modifications do happen however, I have heard of many bad experiences.

Jan 15th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

yes.. you have to income qualify, and who is your bank/ servicer? that is the most inportant step... some banks will not do, its in their guildines, and there are other ways to get a solution for you.. linda email me at yourloanpartnerforlife@live.com

Jan 15th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

It is difficult to get a modification done, depending on your lender it may affect your credit depending on your situation. If at all possible check into a Harp as well. If you have made late payments on your mortgage you may not qualify for Harp depending on how may lates you have. Some attorney's specialize in the modification process, so you may want to discuss your situation with one, as my experience has shown attorney's that specialize in these modifications have better success than your average homeowner.

Jan 15th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

I'd be happy to discuss options with you directly if you'd like. I am actually in Massachusetts (Dartmouth) my self so feel free to reach out to me through this site and we can talk offline. Thank you and Good Luck!

Jan 15th 2013
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