Mortgage loan modification in the past, hard to get jumbo loan now

[ljohn27]

Hmmm.....I did one 2 years ago....was never reported on any of my CR's or public record. In fact, I just refinanced the loan with my credit union and it never came up anywhere. It just simply showed that I was paying on time one the mod went through. Guess I got lucky or perhaps it was based on the type of mod I did. I was 90 days behind and they just added it to back into my principle balance and adjusted my monthly payment to a higher amount and I've had on time payments since then. I also got a portion of my priniple balance forgiven to get me into a equtible position. It was due to a law suit the state atty won against BOA and a few other banks and funds were used to help homeowners who were underwater.

Whatever the reason is - lien is released now anyway and I've completely recovered so I'm happy about that!

[StartingOver10]

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@ljohn27 wrote:

Hmmm.....I did one 2 years ago....was never reported on any of my CR's or public record. In fact, I just refinanced the loan with my credit union and it never came up anywhere. It just simply showed that I was paying on time one the mod went through. Guess I got lucky or perhaps it was based on the type of mod I did. I was 90 days behind and they just added it to back into my principle balance and adjusted my monthly payment to a higher amount and I've had on time payments since then. I also got a portion of my priniple balance forgiven to get me into a equtible position. It was due to a law suit the state atty won against BOA and a few other banks and funds were used to help homeowners who were underwater.

Whatever the reason is - lien is released now anyway and I've completely recovered so I'm happy about that!

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The mortgage mod was never recorded in your county records? Or do you mean it doesn't show up as a public record on your credit report? I can understand if it doesn't show on your cr report because that seems to be hit or miss. But it should be recorded in your public records for your county under your name.

[ljohn27]

Both....never recorded on public records nor was it reflected on any credit reports

[Anonymous]

I understand why they have it, but as you would expect from the big banks, everything is too black/white with no exception.  Unlike a tradition modification, I have to pay back some of it when I sell the place.  So the final modification isn't set in stone, but none of the big banks care I guess.  Good news is that I should be okay, but I just want to warn some of you guys in case you are in the market.  Try your local credit union.

Why did people have to go on modification?  Because no credit were available when we tried to refinance the stupid place.  I wouldn't have done it if I can just refinance like a normal person, but no one was loaning money out without the government backing.