Credit scores take a hit with mortgage modification

Many homeowners are struggling with making their monthly mortgage payments on a timely basis. Whether it’s due to a change in employment or an increase in their home loan’s interest rate, the need for help is equally felt.

The government’s response has been the Home Affordable Modification Program (HAMP). Its goal is to provide the borrower with an affordable and sustainable monthly payment to help them avoid foreclosure. What many don’t realize is that the help comes with a price.

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