Modification

[taz3261]

I had applied for a loan modification on my mortgage that I obtained at 100% finance from Chase that is current never late to possibly lower the payment because $2100.00 is a lot and I have to work a lot to pay this bill every month. If I get approved for let's say a lower interest rate is it going to ruin my credit? I applied for the Obama plan to help keep my home.

[Lel]

If you do receive a modification, your credit score may not be affected at all, depending on how the modified mortgage is reported to the credit reporting agencies.

http://cdia.files.cms-plus.com/Metro2/MortgageHomeEquityReportingGuidelines.pdf

If your modification results in a new account number and/or a new open date of the loan, this may appear as a new tradeline on your credit reports and thus have an impact on your score.