Question


20kso272

Home Affordable Program (HAP) FICO Credit issues?

We just applied to the HAP as we lost an income due to the birth of our second child. We are upside down on the home even though we put 25% down. The program was for temp. lower interest payments. We are current on the loan and have continued to make full payments even though the program allows for lower payments. We have only been in the program for one month. In that time our FICO scored dropped 100 points and a credit card company canceled one of our cards that we have had for 10 years. My question is has anyone else had this happen to them?? The lender assured us that since we were current and continued to make full payments, our credit would not be effected. From what we have read, our credit was hit as hard as if we had done a short sale.

2 months ago - 1 answers

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I have heard that they are disclosing this in very small print on your HAP agreement. This is more common where people are getting there payment reduced by half or more I would look that over with a fine tooth colmb and if that is not in there contact an attorney or a Hud consolor. From what I have read about the HAP program it is not ment to distroys ones credit. here is a great site that has forums on there about this issue www.homesafe.org. you can post a question and get more real life examples if this is happening and what to do. also you can get some info on www.makinghomesaffordable.gov good luck in the same boat where we but 20% down and now are upside down on the home. This has me boiling because a person cannot relocate.

by bryan l

2 months ago

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