Temporary Loan Modifications | Milwaukee, WI

Milwaukee 414-250-7880         Madison 608-465-4594         Green Bay 920-626-3125

brand-logo_new
Serving all of Wisconsin
Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Chapter 13 Bankruptcy 9 Temporary Loan Modifications

Temporary Loan Modifications

by | Jul 26, 2010 | Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Settlement

According to Clark Howard beware of temporary loan modifications. This is when a lender might ask you to only pay half of your usual payment for several months. But despite this being the lender’s recommendation, some banks subsequently report you as delinquent in your payments. This reflects poorly on banks so even under a temporary modification agreement, you need to verify with the bank – and get it in writing – whether or not you will be reported as delinquent if you choose to go through with it.

According to Clark Howard if you are already drowning and haven’t stayed current, a temporary modification could honestly be a waste of your time and effort. Finally, will a modification really help or is it just delaying the inevitable?