So, if you were really lucky, and got a HAMP or other loan modification before falling behind on your payments, and you made all the modified payments on time, your credit report shows your mortgage as having always been current, right?
WRONG!
Not sure why software cannot be quickly modified for things like this, but, everything on your credit report is a two character code.
Not sure how many great minds it takes to come up with a new code, that would mean mortgage modified, current, but, that is still pending.
So, most of the mortgage companies use “AC”, which means, only a partial payment has been made.
This means, when you go to refinance, you will face higher rates, or even be denied, because your credit score took a hit.
Oh, don’t worry, they are going to fix it all by spring.
Right.
Mortgage Modifications And Credit Scores
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