…..Borrowers who have lost their jobs, not surprisingly, may have difficulty meeting their mortgage payments. Thus, increases in unemployment in certain areas, such as states in the Midwest struggling with job cuts in the auto industry, are another major factor contributing to higher delinquency rates.

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Frequently asked question number eight will a loan modification have a negative impact on my credit? A loan modification does not have a negative impact on your credit report. In fact, a loan modification may be the very best way to maintain good credit as long as it makes your monthly payments more affordable. My 60-minute loan modification includes powerful credit repair secrets to help you rapidly achieve great credit, if you have fallen behind on payments.

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Reporting from Washington — The housing plan unveiled by President Obama on Wednesday goes further than any previous effort to break the vicious cycle of declining home values, rising mortgage defaults and frozen credit that triggered the country’s worst recession since the 1930s.

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