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credit scores: Requesting A Loan Modification May Be Financial Suicide - 05/23/10 08:13 PM
As U.S. consumers try to dig their way out of the worst recession in decades, many have sought help from their lender; but requesting a loan modification may be financial suicide. Unfortunately, many struggling homeowners often find the “cure” to be worse than the illness. An article in the SF Chronicle points out how a loan modification not only lowers credit scores, but often leaves the borrower owing thousands in fees and penalties if the modification is denied.
 
When a homeowner is accepted for a trial modification, their payment is lowered below the original contract amount, and their lender will … (12 comments)

 

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