I have terrible credit. Can I still do a mortgage modification?

Yes. In fact, your credit rating has little or no impact on the outcome of your modification request. There isn’t a lot of consideration paid to your previous payment history. Instead, lenders look at the likelihood that you can consistently make the lower, modified payment going forward. That is why it is essential to have an accurate and complete monthly budget developed for your lender to review. If you are coming up short every month even after considering the proposed lower house payment, your lender will not typically grant a modification. This is because it is simply a matter of time before you end up delinquent again. A mortgage modification is intended to provide a permanent solution, not a temporary reprieve. Thus the emphasis is placed on your ability to make your payments in the future, not on your past indiscretions.

When considering the bigger picture of your overall financial fitness, your credit rating is important. One of the goals of Michigan Mortgage Modification is to help clients preserve their credit rating as much as possible. Avoiding foreclosure and obtaining a reasonable house payment are essential elements of achieving that goal.

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