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Does Select Debt Solutions make your credit score even lower if you are trying to lower mort?
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11/22/2009

Got a cold call from Select Debt Solutions to lower my monthly mortgage payment. Does this hurt your credit even more than it already is?

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11/23/2009

Michele,

It won't hurt your credit score but it may seriously injure your wallet. There are a ton of companies that promise that they can get a loan modification for you in exchange for a hefty fee. They make grand promises, but few ever deliver on those promises.

The truth is that most lenders aren't offering permanent modifications. If they give a modification, the savings are generally tacked onto the back end of the loan.

You can have this service performed free by calling a HUD approved housing counselor. Call 888-995-4673 for a referral to one in your area.

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