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.
American Residential Law Group
I love it when you do these consumer-awareness posts, Quilly! You know, I really don’t know much about our finances, mortgages, etc. I probably should get some background, don’t you think?
Yes, Melissa, yes! Bad things happen in this life and both members of the household need to know how to take care of the finances.
That’s way too many acronyms for me. I hate acronyms.
The Simple Things Challenge
.-= Nessa´s last blog ..Flash 55 – Buried Secrets =-.
Okay, Nessa — The American Residential Law Group Explains the Effect of The Home Affordable Modification Program on Your Credit Rating. There is no way that title was going to please you, either.
You’re right. Sorry.
.-= Nessa´s last blog ..Flash 55 – Buried Secrets =-.
I think our mortgage is staying right where it is, just the WAY it is … for the duration of our loan!
.-= Melli´s last blog ..Snow Fun! =-.
Melli — if you and Dennis didn’t fall victim to the financial downturn, that is as it should be.
I had to come read just to see if it was English
Nessa’s right about the acronyms! heehee
Did Amoeba like the rest of the songs that were posted, Quilly?
.-= Jenn@ You know… that blog?´s last blog ..6 Word Saturday =-.
Jenn — see my comment to Nessa.