How Loan Modifications are Affecting Credit Reports and Scores

Just over a year ago, the Obama Administration’s $75 billion mortgage modification program went into effect, a response to the first year of “The Great Recession,” where nearly two million Americans lost their homes through foreclosure, short sales, and deeds in lieu of foreclosure. An effort to rescue homeowners teetering on the brink of disclosure, it has reduced monthly payments for hundreds of thousands of people in the past year. But what has its impact been beyond the basics that ...

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