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does a loan modification adversely affect your credit score?

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April 08 2009 - US
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It is adversely affecting my husband's credit score. Other mortgage loan companies will not refinance our mortgage loan and the credit score has decreased about 60-70 points. We were recently told by another mortgage company that it would stay on our credit as an adverse account for 7 years just like any other bad debt. We modified our mortgage as a proactive measure--we were not late, but knew it would be difficult to make our payments due to a change in our finances. We now greatly regret doing the modification. The negative affect to the credit score was never disclosed by our mortgage company.

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August 12 2013
From what I understand, the modification itself does not affect your credit score. However if a mod can make your payment affordable so that you are able to pay on time every month, I can only see you benefiting from that. Alot of people I have done loan mods for have already trashed their credit by the time they modify.
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April 08 2009
 
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