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my husband and i tried to get a modification a couple of years ago but were denied. our loan is set to adjust in 2012 and we will most likely not be able to afford our new mortgage. i was trying to be proactive by trying to apply for a modification now or should we just wait until it does adjust to help our reason for needing our loan modified. also, does this affect your credit score? if so, how does it...does it make it harder to buy another home in the future?
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Don't wait start the process again. Is your housing expense mortgage insurance and Real estate taxes more than 31% of you documented gross income?This is the 1st but not the only indication to qualifying.I am working on a guide because so many are asking me how do I get them done.Foreclosure effects it by 250-300 pointsShort Sale effect your credit about 75 points Modification if you continue to make payments on time and the lender only modifies the payment it shouldn't effect a lot maybe 10 points.if the lender modifies the loan balance expect about 75 points.Hope this helps you Racheli
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