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Resource Guide for detailed reporting guidelines.
There are three options for reporting a renegotiated (refinanced) mortgage:
1.If the original Account Number and Date Opened are retained, modify the amounts and terms as per the renegotiated/refinanced agreement. Fields that may be changed include Original Loan Amount, Terms Duration, Terms Frequency, Scheduled Monthly Payment Amount and Current Balance. A notation that the loan has been renegotiated/refinanced is not needed.
2.If the original Account Number changes and the Date Opened remains the same, follow the above reporting guideline, and include an L1 Segment with the new Account Number. Refer to the L1 Segment specifications within the Field
Definitions in the Credit Reporting Resource Guide for reporting guidelines.
3.If the Date Opened changes, report the old loan as specified:
Account Status Code = 13 (Paid)
Payment Rating = the appropriate code that identifies the status of the account within the activity period being reported
Special Comment = AS (Account closed due to refinance)
Current Balance and Amount Past Due = zero
Report the newly renegotiated/refinanced loan with the new Account Number, Date Opened, and all other applicable fields. Payment history that occurred prior to the new Date Opened should not be reported with this account.
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10-20-2011 12:39 PM
It depends on the type of modification. NFCU recently offered mea modification. I keep the loan number and the term and the interest rate and payment change. B ut there are lots of diffferent types of modifications out theer. they should send you a legal docuemtn detailing what is ahppening.
in my case I have been told that they will report to meach CRA my bew payment anount but will not mention the modification. I will be checking soon to be sure this is the case.
but differnt banks, and different mod programs may work differently. you need to talk to the lender to see what is hoing on.
10-20-2011 12:41 PM
So then it really doesn't report negatively then -- right? So why wouldn't everyone mod their loans then? There's no incentive to let it adjust per the original terms of the agreement. Seems odd to me. I've been offered a mod b/c my loan adjusts in 10/09, but I figured there would be some negative consequences to it, so I have just ignored the offers. Maybe I shouldn't be doing that.
I'm not late on my mortgage and would probably be able to pay the adjusted rate (as long as rates don't go sky high now that the financial world is going crazy). Would prefer a fixed rate but don't have the equity in my house to get that, so thought I could possibly do a mod with my current lender. Do they do fixed rate mods?????
Should I try for one now? The property is underwater by 150k based on new market data.
Just trying to figure out the best thing to do. I would like to keep my house.
if there are fees, points etc involved attached or a credit check is run you may want to think twice. But if not it is likely a good deal. i would collect my questiona and ask the lender. People here cannot possibly know the details of every mod program offered by every lender.