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Old 10-01-2009, 02:21 PM
 
2 posts, read 4,593 times
Reputation: 10

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I got my loan modified a month ago and need a new car ASAP because I live 1.5 hr away from job. If I have no car, I have no job. How long does the bank watches your credit report for? Is it safe to buy my car ?
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Old 10-01-2009, 03:39 PM
 
Location: New York
2,251 posts, read 4,528,283 times
Reputation: 1611
Your credit report is not the issue. Mortgage companies don't really look at credit reports, it cost them money to run each report. All they have to look at, is their records of your payments to them.

After your loan (mortgage) modification - you are in a probationary period for 4 to 6 months, after which your modification is finalized.

To bad you didn't include your new car payment when you completed to application for your modification. Could of resulted in a lower house payment.

To do other modification, you are going to have to wait 12 months before you can reapply.

Be sure you keep all your documentation about the reason why you had to change vehicles (repair invoices, etc, ..).

Good Luck
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Old 10-01-2009, 09:01 PM
 
2 posts, read 4,593 times
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So the probation period depends on how I pay my loan ? And should I wait until after my probation period to make my purchase ?
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Old 10-02-2009, 01:12 PM
 
Location: New York
2,251 posts, read 4,528,283 times
Reputation: 1611
Quote:
Originally Posted by Punchin View Post
So the probation period depends on how I pay my loan ? And should I wait until after my probation period to make my purchase ?

If you can afford the new car, nothing is stopping you. But if the new payment is going to cause you to mess up with your house payments, suggust you reconsider possibly a cheaper car.


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