loan mod

[ezover]

a couple months back i talked citi about a loan mod and was told if approved there would be no negative feedback on my credit report.

so i went ahead with the mod and they changed my interest rate from 5.7 to 2.9.

 

i got a credit alert today, my fico dropped about 145 points 767 to 628, no derogatory info showing except under citi there is a statement ((Arrangement made with credit grantor to make partial payments)).

 

i have never been late on a payment and i have continued to make my original payment amount.

 

anyone know if this will change at a later date?

think i will call them and see if i can get out of the program.

 

it really makes you freaking pissed off when the people who should know what the hell they are talking about give you the wrong information.

[hurricanesfans27]

OMG WOW!!!

[Quit Screwing Me]

Something doesn't make sense to me hear. Are you sure it's a modification you got and not a forbearance??

 

A modification would permanently revise your mortgage payment, and as long as you pay it, you're not making reduced payments, which would make the reporting false.

 

If indeed you are making smaller payments on a temporary basis, then it sounds correct.

[jaytee]

The description of dropping the interest rate sounds like a mod but the reporting sounds like forbearance to me.

[cb2cb]

a couple months back i talked citi about a loan mod and was told if approved there would be no negative feedback on my credit report.

so i went ahead with the mod and they changed my interest rate from 5.7 to 2.9.

 

i got a credit alert today, my fico dropped about 145 points 767 to 628, no derogatory info showing except under citi there is a statement ((Arrangement made with credit grantor to make partial payments)).

 

i have never been late on a payment and i have continued to make my original payment amount.

 

anyone know if this will change at a later date?

think i will call them and see if i can get out of the program.

 

it really makes you freaking pissed off when the people who should know what the hell they are talking about give you the wrong information.

 

 

If you can afford your current payments and your credit score is more important to you than an almost 50% rate reduction, why apply for a mod in the first place? Doesn't sound like you have a real "hardship".

 

 

.

[Jacx67]

Are you still in the inital 3 month trial period? From what I have read about the Obama Plan, if that is what you did, they might report negative during the trial period but as long as you pay on time according to your agreement they will report positive when your mod is finalized.

[cstewart]

We just got a call from citi also. They've reduced our payments until November and then we qualify for modification, because the loan will then be a year old. On one hand, I hate that this will show on my CR but on the other, it's so going to help us a whole lot. My payment was cut in half and they said they apply the next four months that we pay to a down payment for a modification or refinance. I haven't figured out which.

[ezover]

a couple months back i talked citi about a loan mod and was told if approved there would be no negative feedback on my credit report.

so i went ahead with the mod and they changed my interest rate from 5.7 to 2.9.

 

i got a credit alert today, my fico dropped about 145 points 767 to 628, no derogatory info showing except under citi there is a statement ((Arrangement made with credit grantor to make partial payments)).

 

i have never been late on a payment and i have continued to make my original payment amount.

 

anyone know if this will change at a later date?

think i will call them and see if i can get out of the program.

 

it really makes you freaking pissed off when the people who should know what the hell they are talking about give you the wrong information.

 

 

If you can afford your current payments and your credit score is more important to you than an almost 50% rate reduction, why apply for a mod in the first place? Doesn't sound like you have a real "hardship".

 

 

.

 

 

at this point and time yes my credit score is more important then saving 200.00 a month. ( i applied for the loan mod because i qualify for it. © define hardship, maybe i am just a little better at hustling side money to make ends meet then some people and that can dry up at anytime.

 

at this point i plan on riding this out, things seem to be improving.