{"id":30,"date":"2018-09-24T22:50:56","date_gmt":"2018-09-24T22:50:56","guid":{"rendered":"http:\/\/mortgagemodificationri.com\/blog\/?p=30"},"modified":"2019-02-05T02:52:25","modified_gmt":"2019-02-05T02:52:25","slug":"will-a-mortgage-modification-affect-my-credit-score","status":"publish","type":"post","link":"https:\/\/mortgagemodificationri.com\/blog\/2018\/09\/24\/will-a-mortgage-modification-affect-my-credit-score\/","title":{"rendered":"Will a Mortgage Modification Affect My Credit Score?"},"content":{"rendered":"

Before you agree to a mortgage modification<\/a>, you may be wondering if it will impact your credit<\/a>, and if so, if that impact will be positive or negative. The short answer is it depends on how your particular mortgage company chooses to report mortgage modifications.<\/p>\n

Some mortgage companies do not typically report mortgage modifications to credit bureaus, or if they do report them, you may be able to ask that they refrain from doing so as a term of the mortgage modification. If the modification is not reported, then it may not have an impact on your score.<\/p>\n

If your mortgage company does report mortgage modifications, it may be reported as a type of settlement, which will show up on your credit report. This may affect your credit score negatively.<\/p>\n

Sometimes, mortgage modifications are offered on a trial basi<\/a>s, and after a certain period of time, the modification can become permanent<\/a>. During this time, mortgage companies should be reporting your status as current to the credit agencies, allowing you to avoid a negative effect.<\/p>\n

However, even if your mortgage company does report the mortgage modification, it looks much better on your credit report than a foreclosure would. If you choose to modify your mortgage to avoid foreclosure<\/a>, you may have a temporary dip in your score, but in the long run, your credit<\/a> will likely be able to recover after continued payments with the modification.<\/p>\n\n\n

The Mortgage Modification Center<\/h2>\n\n\n\n

\nIf you have questions about how a mortgage modification may affect your personal situation, reach out to the Mortgage Modification Center<\/a> at (401) 467-7998. Their highly-trained staff can provide you with a free initial consultation to determine the best action for you.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Before you agree to a mortgage modification, you may be wondering if it will impact your credit, and if so, if that impact will be positive or negative. The short answer is it depends on how your particular mortgage company …Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[84,85,4,54,24,6],"class_list":["post-30","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-modification","tag-credit-history","tag-credit-score","tag-mortgage-modification","tag-mortgage-modification-attorney","tag-mortgage-modification-center","tag-rhode-island-mortgage-modification"],"yoast_head":"\nMortgage 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