If things aren't bad enough, now homeowners who sign up for the government's mortgage assistance program may end up with lower credit scores -- as much as 100 points!
Borrowers who are facing a default and making their payments on time are finding out later that their credit score is lower; and it's worse for those who applied and then determined ineligible for the Obama program.
can you give me a link to where you are reading this, I am curious and it could be useful info if I can prove it.
Thank you
Shane, I saw the article online on YahooNews yesterday, but you can read about it by going to the following link:
http://www.msnbc.msn.com/id/35949027/ns/business-personal_finance/
Denise, I don't understand why someone who is making their payments on time would have their credit scores lowered just because they applied for a government program. I look at credit scores all the time and I have not seen that. There has to be more to this then just simply that.
George - From what I read, it happens when borrowers apply for Obama's "Making Home Affordable" program. They enter a trial period where they make at least three payments. Then their credit score "takes a dive during this trial phase" when their mortgage company notifies the credit bureaus.
It actually happened to one of my friends.
You can read the entire article on the link I provided above.
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