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I have a credit score of 755 but have a 2004 judgement. will that affect me in getting a loan modifi

I have a credit score of 755 but have a 2004
 judgement. I am receiving a medical pension, will this have an affect on me getting a loan modifcition?
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October 12 2010 - Highland
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I don't see a judgement affecting a loan modification as much as the 755 credit score!  Bear in mind most banks will not do a modification unless you can prove substantial hardship.  Given your credit scores I have to assume that is not the case.  Why are you pursuing a loan mod in lieu of a refinance?  Lack of equity?
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October 21 2010
Please contact me regarding this. Do you have equity in the home? A loan mod may not be the way to go as they tend to hurt your credit and your scores usually decrease quite dramatically in a short amount of time.
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October 21 2010
sadee, if you would like to discuss your situation in detail, I may be able to help you. Click on my ACC logo for phone number. .... Rudi
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October 12 2010

Usually medical collections will not have any affect on getting a loan, but it also depends on the amount of that collection.  Judgements are a bit different and typically have to be paid if they show up on your credit report.  Since you are not getting a new home loan, just a loan modification, I believe you will not have an issue moving that forward.  Each lender that offers modifications will have their own criteria related to modifying your loan.  The majority of people attempting modifications of their loans usually are denied for one reason or another and the hassle and headaches they put you through to do them is agonizing.  You really need a good reason to modify and that typically is that you've lost a job or income has decrease, but you still can afford a reasonable payment, just not as high as it was previously......I hope this helps.  Good luck.

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October 12 2010
 
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I have a credit score of 755 but have a 2004 judgement. will that affect me in getting a loan modifi
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