Do Mortgage Modifications Hurt Credit Scores?

www.cambridge-credit.org — In 2009, more than two million homes were lost to foreclosure, short sales, or deeds in lieu of foreclosure. Many experts agree that 2010 will see an increase in such activities because of our sluggish economic recovery. Experts are currently estimating that approximately 2.4 million more homes will be lost over the next year despite the measures created by the administration to avoid such outcomes. What has surprised many is the impact mortgage modifications have had on credit scores. Although new measures have been established to protect individuals credit scores, the changes may not help in the long run. Join Thomas Fox has discusses how mortgage modifications can potentially lower your score and what measures you can take if they do.