THE DOWNSIDE OF A HOME LOAN MODIFICATION

By
Real Estate Agent with Howard Hanna Real Estate Services

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.

 THE DOWNSIDE OF A HOME LOAN MODIFICATION

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

 

FIND A HOME: http://markostrovsky.com

Posted by

Mark & Elly Ostrovsky

Howard Hanna Smythe Cramer

Cellular: 216.577.1156

EMail: EllyandMark@GMail.Com

Website: http://MarkOstrovsky.Com

 

Mark is a licensed attorney in Ohio & in Massachusetts and works with his wife Elly in residential real estate representing buyers and sellers in Cleveland, Ohio's Eastern suburbs. You can search for homes on their website:

FIND A HOME: http://markostrovsky.com/

 

 

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Rainer
136,839
Charlie Gantz
Keller Williams Commercial, Tampa Bay - Saint Petersburg, FL
J.D., M.B.A.

Thanks for the article.  Charlie Gantz, Greenwood, IN; J.D., M.B.A.; Owner/Principal Broker, Atlas Commercial Real Estate, LLC

Jan 19, 2010 05:00 AM #1
Rainmaker
31,197
John LaRocca
LaRocca Inspections - Burbank, CA

Thanks for the info, very informative!

Jan 22, 2010 06:12 AM #2
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Rainer
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Mark L. Ostrovsky

Howard Hanna Real Estate Services
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