Life after a loan modification

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Member since 2/10

1073 total posts

Name:
Meredith

Life after a loan modification

So we recently got approved for a loan mod but I'm just curious if anybody know what happens to my credit? How long will it take before we can take out a loan or get approved for things? DH has good credit but the mortgage is under my name just wondering if he gets burned bc of me.

Posted 2/13/11 9:25 AM

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REKoz412
LIF Infant

Member since 5/10

148 total posts

Name:

Re: Life after a loan modification

I'll be interested to see any answers you get about this. While I was researching the process, I was told it would effect my credit but not nearly as drastically as foreclosure would.
May I ask how long the process took for you? I'm still waiting since early July. When I first started my credit and debt to income ratio was reasonable. I did not want to miss a mortgage payment so now my credit is soaring as I keep all my cash to pay the current mortgage. I'm really screwed now if they refuse me.
I did send in a Dr. note and bills related to my illness hardship recently. Hoping that's a good sign?
Any info. you can provide about your experience would be helpful.
CONGRATS..This waiting is killing me in many ways!

Posted 2/13/11 9:47 AM

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limommer
LIF Adult

Member since 2/10

1073 total posts

Name:
Meredith

Re: Life after a loan modification

Posted by REKoz412

I'll be interested to see any answers you get about this. While I was researching the process, I was told it would effect my credit but not nearly as drastically as foreclosure would.
May I ask how long the process took for you? I'm still waiting since early July. When I first started my credit and debt to income ratio was reasonable. I did not want to miss a mortgage payment so now my credit is soaring as I keep all my cash to pay the current mortgage. I'm really screwed now if they refuse me.
I did send in a Dr. note and bills related to my illness hardship recently. Hoping that's a good sign?
Any info. you can provide about your experience would be helpful.
CONGRATS..This waiting is killing me in many ways!

Honestly it took an aggrivating 2 years!!! The DTI has to be at or around 50% after tons and tons of paperwork documents phone calls we finally got approved and are on a trial payment plan we will be saving $1000 per month on our mortgage! So in the end if you do get approved it's worth it but on the otherhand if you don't you can face foreclosure. It's a catch 22

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