That's a hard question to answer, because the rest of your report would also be factored into your score and everyone's is different, but as a rough estimate I'd say about 150 points. Are you behind on your mortgage yet? As you reach closer to foreclosure (proceedings are generally started after 3 months of mised payments) your score would start to drop just from the 30, 60 and then 90 day lates appearing on the tradeline. It's my understanding that if a notice of sale is recorded setting your home for sale, that this will also then appear under the public records section of your report.
Definitely pursue all options to try to prevent this from happening, but if you feel like it might be inevitable make sure you have everything else in place now as far as the credit you need, your auto loan, etc. while your scores are still good. If you're finding yourself in a difficult position with all of your bills, bankruptcy should be a consideration. This will also halt your foreclosure sale for the time being, until a bankruptcy court can assess your situation and then make the call of whether the lender can get relief from stay to sell the home. If your loan is with Fannie or Freddie definitely start taking steps for a loan modification. If not, contact your lender anyway. If you're not behind yet they might not be willing to do anything for you, but chances are that if you are behind they'll offer some kind of modification.
Would you mind sharing with me some of your experience working on a loan mod with Chase? I advised my parents recently to look into this on their WAMU now Chase loan. What were the conditions of your approval, and why is it on hold now? Are they waiting for conditions to be met, or is it on hold because you haven't been late yet? Did the offer modify your loan amount or your rate? Anything from your experience would be great to know.
Thanks, and good luck!
I applied for a modifcation through Chase about late Nov 08. I had to send them all my pay stubs,bank statements, my spouse's financial info, and a letter of hardship. In addition, the first thing they will do is pull a credit report to see if it matches the debts you have listed. They will go over your monthly obligations in detail in an attempt to see what type of "surplus" you have each month. So if your'e going to exaggarate, do it in a way that reflects somewhere about $200 surplus each month is what they're looking for. The key is not to show you are so bad off you need help but to show a monthly surplus of funds.
I am currently at a 5 1/2% rate adjustable in Sep 2009 and it was for 5 years. I figured now was the time to start working a modification. The rate would have been reduced to 3 1/2% for 17 months only. I was a little dissapointed because I wanted the rate at least frozen for another 60 months while the market somewhat recovered. But anyway, my payment would have dropped by about $225 or so. It was frozen because the new law signed by the Obama administration took effect March 4, 2009 and lenders wanted to see how that would affect modificaitons in process. I can only hope for the best. It's funny, I have been on a modification forum for homes and I've read where some people have gotten a few modifications, filed bankruptcy, and 6 -8 months later end up in the same situation as they were at first. Some people never learn!
I too have tried to do a loan modification through Chase . Started back in Nov. Had a offer given to me. and then got transfered to another employee because the other transfered to another dept. I have not got ahold of the new person and now found out I need to get another person put on my case. I am so frustrated. how did you get through. did you call everyday? any advice let me know