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Government Help= Lower Credit Score

Now this is low......... Have you heard?


http://finance.yahoo.com/news/Credit-scores-can-drop-after-apf-1601705094.html?x=0

Answer Question
 
itsmesteph11

Asked by itsmesteph11 at 8:39 AM on Mar. 20, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (6)
  • 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!

    LoriKeet

    Answer by LoriKeet at 8:55 AM on Mar. 20, 2010

  • LOL Thats the point here. I'm pretty sure even if this is in the contract( in the tiny print, which I doubt) no one mentioned it to the applicants. 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
    itsmesteph11

    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.

    grlygrlz2

    Answer by grlygrlz2 at 9:22 AM on Mar. 20, 2010

  • Anonymous

    Answer by Anonymous at 9:54 AM on Mar. 20, 2010

  • Thanks anon, How do you do that. I can never get it to work. LOL
    itsmesteph11

    Answer by itsmesteph11 at 10:19 AM on Mar. 20, 2010

  • Yes grly count on it.They demonize conservatives and then cry when it is dished back at them.If they are going to persist then don't cry when it's thrown back at ya.
    tnmomofive

    Answer by tnmomofive at 12:39 PM on Mar. 20, 2010

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