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Modified Mortgage Payment hurt my credit

New Member

Modified Mortgage Payment hurt my credit

Bank modified my mortgage interest from 7.8% to 4% which lowered my monthly payments from $1130 to $750 for only six months as a temporary arrangements. I tried for a permanent modification but bank didn't approve because my income increased. Anyway this six modified payment was reported as late payment (?) or some thig else to the bureau and significantly lower my credit score. From this month the rate is going back again to 7.8% and I started making full payments. My questions -


1. Am I going to see an increase in my credit score as I have started making regular payments

2. Will the late payments history be removed from my credit report as I started making regular payments


Any response will be appreciated

Message 1 of 2
Established Contributor

Re: Modified Mortgage Payment hurt my credit

Welcome to the forums!


You need to contact your loanholder and ask them why they reported your modification as a late payment.  You need to request that they update their reporting to show that you paid in full each month.  Late payments will only be removed if your mortgage company updates its reporting, which it can do at any time.  However, you should shop around to determine if you can qualify for a refinance with another bank or credit union to get a permanently lower rate.

Message 2 of 2
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