If you are a home owner and you plan to take advantage of The Home Affordable Modification Program (HAMP) , you need take care in considering the impact it may have on your credit report. There is more on the line then just changing or modifying your monthly payments. Uninformed homeowners have inadvertently signed up for terms that have a serious negative impact on their credit rating.
The American Residential Law Group has updated their FAQ page to provide answers to some of the most commonly asked mortgage and foreclosure questions. Further, they have posted an article, Home Affordable Mortgage Program Effect on Your Credit Score, which will help you understand just how HAMP works, how it might benefit you, and how to keep it from negatively impacting your credit score.
This is a must read for all homeowners. Knowledge is power. Don’t be one of the people caught saying, “I didn’t know they could do that ….” after your credit score has already plummeted.