Now this is low......... Have you heard?
From the article:
"For delinquent borrowers, the damage was done when they fell behind on their loans. But for homeowners who are having financial troubles but managing to pay their bills, a request for a loan modification is the first sign of difficulty. And that means a sharp drop in the borrower's credit score."
Unfortunately it does make sense. Without the help, the repercussions would have been much farther reaching. I say the upside is, those homeowners who can turn things around, will see their credit scores restored to where they were relatively quickly.
"The Obama administration acknowledges that enrolling in the program can hurt credit scores."
This part was likely left on the cutting room floor during editing!
Answer by LoriKeet at 8:55 AM on Mar. 20, 2010
Answer by itsmesteph11 at 9:03 AM on Mar. 20, 2010
Sounds to me just like the government was demonizing mortgage comapanies and realtors for doing when people got into this mess in the first place
Just like how they will demonize Dr's and Drug stores who stop taking new Medicaid patients if/when ObamaCare is shoved down the throats of the US.
Answer by grlygrlz2 at 9:22 AM on Mar. 20, 2010
Answer by Anonymous at 9:54 AM on Mar. 20, 2010
Answer by itsmesteph11 at 10:19 AM on Mar. 20, 2010
Answer by tnmomofive at 12:39 PM on Mar. 20, 2010