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Has a current mortgage lendor actually told you that your modification of the terms of that loan is an adverse item in their approval?
If so, whether it is removed now or not, it looks like the deal with them might be dead?
So I guess the concern is moving on to a new mortgage lendor, and not having them become aware of your renegotiation?
Since the second mortgagee reported the comment, they are the one to remove it. I would not take the extreme step of going back to the orginal loan terms as an offered condition for removal of that comment. Make a good-will request only for removal of that comment. I see no business disadvantage of their removal, particulary if you have a decent period of continuing to meet the terms of that loan after their modification.
Thanks for your reply.
You are correct. My fear is that all lenders will look at the "loan modification" the same. I did contact them on the phone and ask to have it removed and they said they are required by the Fair credit reporting act to list the loan as modified. They also could not tell me how long it will be listed as so. Do you think a GW letter would help or do you have any other suggestions?
Thanks in advance
@Anonymous wrote:Thanks for your reply.
You are correct. My fear is that all lenders will look at the "loan modification" the same. I did contact them on the phone and ask to have it removed and they said they are required by the Fair credit reporting act to list the loan as modified. They also could not tell me how long it will be listed as so. Do you think a GW letter would help or do you have any other suggestions?
Thanks in advance
Bdiers: I am in the same boat. My modification process took almost a year to complete, the whole time I was being put farther into arrears that i was unaware of. Since the process closed my mortgage has been transferred to another servicer, but the arears still show on my report, which i was told wouldn't happen. So much for the bank "helping" us out, they hurt more than anything. Anyways, I am just getting ready to GW the original lender to see if they will delete the TL or at least change the arears.
Good luck