Comments on: How Do Short Sales, Loan Modifications and Foreclosures Impact Your Credit Score? http://www.creditinfocenter.com/wordpress/2009/09/10/how-do-short-sales-loan-modifications-and-foreclosures-impact-your-credit-score/ For the Up To Date News Tue, 07 Feb 2012 22:26:40 +0000 hourly 1 http://wordpress.org/?v= By: Holly Jewell http://www.creditinfocenter.com/wordpress/2009/09/10/how-do-short-sales-loan-modifications-and-foreclosures-impact-your-credit-score/comment-page-1/#comment-8578 Holly Jewell Wed, 23 Mar 2011 15:14:11 +0000 http://www.creditinfocenter.com/wordpress/?p=3671#comment-8578 The Treasury Department designed a new credit reporting code specifically for Mortgage modifications. The new "CN" code signifies a loan modified under a federal government plan. It will have no impact on credit scores in the near future. Many lenders are incorrectly using the AC code which signals that a consumer has made only a partial payment. This is incorrect and negatively impacts your credit. I would recommend disputing this on your credit report or you can contact me to handle that for you through my repair services at http://www.homedestinations.net\ Also check out this article: http://bucks.blogs.nytimes.com/2010/01/05/how-loan-modifications-impact-credit-scores/ The Treasury Department designed a new credit reporting code specifically for Mortgage modifications. The new “CN” code signifies a loan modified under a federal government plan. It will have no impact on credit scores in the near future.

Many lenders are incorrectly using the AC code which signals that a consumer has made only a partial payment. This is incorrect and negatively impacts your credit. I would recommend disputing this on your credit report or you can contact me to handle that for you through my repair services at http://www.homedestinations.net\

Also check out this article: http://bucks.blogs.nytimes.com/2010/01/05/how-loan-modifications-impact-credit-scores/

]]> By: chrissy http://www.creditinfocenter.com/wordpress/2009/09/10/how-do-short-sales-loan-modifications-and-foreclosures-impact-your-credit-score/comment-page-1/#comment-8116 chrissy Sat, 18 Dec 2010 03:15:22 +0000 http://www.creditinfocenter.com/wordpress/?p=3671#comment-8116 Under penalty of perjury you certify that: 1) the sale of the property is an “arm’s length” transaction between parties, who are unrelated and unaffiliated by family, marriage, or commercial enterprise; 2) there are no agreements or understandings between you and the Buyer that you will remain in the property as a tenant or later obtain title or ownership of the property; 3) neither you nor the Buyer will receive any funds or commissions from the sale of the property Under penalty of perjury you certify that:
1) the sale of the property is an “arm’s length” transaction between parties, who are unrelated and unaffiliated by family, marriage,
or commercial enterprise;
2) there are no agreements or understandings between you and the Buyer that you will remain in the property as a tenant or later
obtain title or ownership of the property;
3) neither you nor the Buyer will receive any funds or commissions from the sale of the property

]]> By: Newport Coast Homes http://www.creditinfocenter.com/wordpress/2009/09/10/how-do-short-sales-loan-modifications-and-foreclosures-impact-your-credit-score/comment-page-1/#comment-6680 Newport Coast Homes Tue, 16 Nov 2010 09:54:50 +0000 http://www.creditinfocenter.com/wordpress/?p=3671#comment-6680 In a short sale, the lender accepts less than the mortgage debt when the property value has declined. “A short sale will prevent foreclosure,” says White. “However, if it takes place after foreclosure was initiated, the foreclosure and the related delinquency in payments will be reflected on the credit report.” The only way to protect the credit score fully is to maintain monthly payments until the house is sold.” In a short sale, the lender accepts less than the mortgage debt when the property value has declined. “A short sale will prevent foreclosure,” says White. “However, if it takes place after foreclosure was initiated, the foreclosure and the related delinquency in payments will be reflected on the credit report.” The only way to protect the credit score fully is to maintain monthly payments until the house is sold.”

]]> By: Short Sale http://www.creditinfocenter.com/wordpress/2009/09/10/how-do-short-sales-loan-modifications-and-foreclosures-impact-your-credit-score/comment-page-1/#comment-6319 Short Sale Mon, 13 Sep 2010 05:58:13 +0000 http://www.creditinfocenter.com/wordpress/?p=3671#comment-6319 There can be no bigger ambiguity in short sales than the one regarding credit scores. With all lenders acting differently in different situations its almost impossible to tell factually what will happen. There can be no bigger ambiguity in short sales than the one regarding credit scores. With all lenders acting differently in different situations its almost impossible to tell factually what will happen.

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