What We Need To Know About Caesar's Loan Modifications
publication date: Dec 28, 2009
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author/source: Chris Prang
If the government is involved in something, usually it is not good and should be avoided. In this case it is loan modifications.
In the report "Mortgage rescue: Credit score Killer" from CnnFn it documents the perils of succumbing to the governments/Caesar's program.
What You Must Ask Yourself
From my perspective, I think what will be proven is that most of the people who end up getting these "loan modifications" will end up saying 3-5 years down the road, "I should have let the bank take the home...I would have been better off!"
If you need help in determining what to do with your home or mortgage, please check out my services. At least contact me with questions...I am here to help.
I offer Christian Mortgage Advice from a biblical perspective. Many claim to offer Biblical Mortgage Advice, but they don't, they still advise from a worldly perspective.
What You Must Realize
- First you must realize that these loan modifications are not necessarily permanent.
- Second, they can and probably will damage your credit, thereby making it harder to get a new loan in the future.
In the report "Mortgage rescue: Credit score Killer" from CnnFn it documents the perils of succumbing to the governments/Caesar's program.
Most troubled homeowners view President Obama's foreclosure rescue plan as a way out of their financial troubles.
But many don't realize that entering a trial mortgage modification can actually hurt their credit.
"It's completely destroyed my credit," said Axelrod. "If I had known it would affect my score, I would have never entered the program."
Those who were current in their mortgages could see their scores fall up to 100 points, according to the Treasury Department.
But many don't realize that entering a trial mortgage modification can actually hurt their credit.
"It's completely destroyed my credit," said Axelrod. "If I had known it would affect my score, I would have never entered the program."
Those who were current in their mortgages could see their scores fall up to 100 points, according to the Treasury Department.
Once borrowers receive a permanent modification, their payment status
is listed as current. However, the delinquency remains on their credit
reports for up to seven years.
"This is the biggest nightmare," he said. "My credit is completely useless."
What You Must Ask Yourself
- What happens if I can't make the new payments?
- How important is your credit rating? In my opinion, you should not care about your credit rating...because you shouldn't be using it in the first place. If you don't go in debt to the unrighteous bankers and lenders, then who cares what your credit rating is or that you even have one?
- What happens if values continue to go down and I end up on the hook for even more money to come to the table when I finally sell my home?
- Will this loan modification really help me to be better off financially years down the road?
From my perspective, I think what will be proven is that most of the people who end up getting these "loan modifications" will end up saying 3-5 years down the road, "I should have let the bank take the home...I would have been better off!"
If you need help in determining what to do with your home or mortgage, please check out my services. At least contact me with questions...I am here to help.
I offer Christian Mortgage Advice from a biblical perspective. Many claim to offer Biblical Mortgage Advice, but they don't, they still advise from a worldly perspective.
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