AHMSI Modification questions

[tattedbrat]

I have an 80/20 mortgage, 80 = interest only 7+%, 20 = balloon payment @ 10 years 9+%

 

The 80 is with AHMSI, I have requested a modification from them and received the paperwork today. Upon reading through the paperwork I have the following questions:

 

Is it standard that they report you as delinquent to credit report agencies during the trail period?

This I think I can deal with, my scores are in the 680's, but I am fearful that my current credit cards will be closed. I have never been late on any of my payments to any creditor.

 

Has any had to do the credit counseling? They suggest this for people who have high credit balances. Which would be me, I am about maxed out on all my cards but have no interest in doing any type of credit counseling. Or paying for any type of credit counseling.

 

 

Any answers or advice would be greatly appreciated!

[Mayor]

Yes, they can report you late if you end up getting denied. I've had horror stories about credit counseling..