A loan modification may dinge the credit report but it may be a better option than a foreclosure reporting. Good story on the need to disclose, disclose and disclose some more.
The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan. But credit scores can get dinged after a home loan modification, making it more costly or tougher to get a loan or credit card.
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