Houston Credit Repair Consultant, Vanessa Perry explains the outcome of loan modifications in the video above.
What is a Loan Modification?
A loan modification in hindsight is adjusting the loan structure to make possible payments without falling behind. On paper it is a great concept. In reality it is the step that leads into unnecessary foreclosure.
Failure to Launch
Typically with loan modifications they are not easily accepted by the original loan company. The loan companies will pass your loan to several other companies causing you to have 30 day late payments. Although some people may think that 30 day late payments do not effect them as much as a collection, unfortunately, it is the opposite. Late payments can easily tank your score down causing your credit to decrease which can lead to higher rates and financial struggles. Reoccurring late payments often lead to foreclosure.
According to Credit Expert Vanessa Perry, in fifteen years she has only seen one successful loan modification scenario. Loan modifications have you miss payments, and push you back farther than where you were when you began the process. It is best to to get caught up if you can on your house payment.
How can Houston Credit Repair Impeccable Credit Services Help?
Impeccable Credit Services would suggest to give us a call and schedule online before even thinking if a loan modification is right for you. We will analyze your credit and give you the best advice rather it is or is not to repair your credit. We do suggest to do your research and go with a credible credit restoration company before the option of loan modification. With Impeccable Credit repair Houston we would be able to fix the credit to where instead of a loan mod you could refinance your home for a better rate or simply get a new home.