Beware of loan modification issues with credit reports

I recently noticed a number of clients having issues when they were part of loan modification programs with their lenders.  More specifically, while the consumer is in the trial period for 3-4 months seeing if they qualify for a lowered monthly payment, some banks are reporting the customer as being late on the mortgage even though they paid on time each month.  There appears to be some issue with banks and how they classify their customers once they are in the loan modification program which causes them to wrongly and negatively report the consumer late each month.  This has a tremendous negative effect on your credit report and score and should be corrected immediately by the lender.  If you have been part of one of these modification programs, and you paid timely each month, check your credit report asap to make sure it is accurate.

 

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