@Anonymous wrote:
My lender has offered a temporary reduction for my mortgage interest rate (possibly as low as 2.8%) due to current financial hardship. This won't change any terms of the loan (interest only, variable rate for 10 years, then 30 year fixed). Essentially, it will only reduce my payments for one year, which would be helpful, but not if it's going to damage my credit score tremendously. Any advice?
It depends how the lender will report it to the Credit Reporting Agencies. Strictly speaking if you are not paying according to the original contract then the status of this tradeline should not be "paid or paying as agreed," but whether they report a negative status (and the exact type of negative status reported) might be negotiable. Ask the lender specifically how this will report.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
