THE DOWNSIDE OF A HOME LOAN MODIFICATION
With hundreds of thousands of upside-down homeowners suffering from the housing market meltdown, more and more of us are looking to loan modifications as the answer.
If you're lucky enough to even get a decent loan modification your credit score will amost certainly take a hit. In fact you may find yourself unable to subsequently qualify for a car loan or a credit card!
One positive of a loan modification versus a short sale or a foreclosure is that it will appear as a blemish on your credit report for only a few years. The other options are likely tp show-up for seven years.
For more information check-out this artitcle: http://rismedia.com/2010-01-18/can-loan-modifications-cause-trouble-down-the-road-2/#more-43403a
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