home affordability loan - how to protect ourselves???

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thats interesting... my husband talked to the mortgage company today, and they said that it WOULD affect our credit score, because we work with the federal govt, and before the modification is complete on their paperwork we are delinquent...
a friend of ours said that one way of preventing this from happening is to send the paperwork and a copy of your first trial pmt to the credit bureuos and they'd have to consider it a dispute and it shouldnt affect our credit too much.
i wonder how come that yours didnt affect your credit at all and we are warned in advance that ours for sure WILL...
im sort of scared... we have a couple of thousand dollars on our credit card and we cant just get rid of it right now, and if the credit gets slashed and the credit card rate skyrockets we'll be in big trouble!!!

That's REALLY strange. From my understanding- and our mortgage is with GMAC, the only amount you're delinquent on is the difference between your regular payment and the modified one- but GMAC would have to report us as delinquent, which they didn't and wouldn't per their own words and that is ONLY during the 3 trial payments.

Basically you're still paying your mortgage and it doesn't go through the government, the mortgage company handles the payment even when you get the home loan mod through the government program.

We never received anything but a normal mortgage statement with the NEW payment amount. Ours was only like $80 less than the original payment, but nothing ever showed as delinquent even during our trial months.

I think your mortgage company is trying to persuade you not to persue a mod. I can't think of any other reason why they'd tell you this. Like I said you'll still be making payments TO the mortage company- not the government so it is entirely within their control to see to it that your mortgage payments are reflected as paid and NOT delinquent.

I just get the sense that someone is d*cking you around, excuse the terminology I can't think of a better phrase.

something caught my eye in your post - maybe it didnt affect your credit score because they only cut yours by 80.00 (well, i dont actually know how much your mortgage was initially of course), our mortgage company (which after 2 times the mortgage has been sold is now ocwen) is cutting our payments by almost half...
could be of course that like you said they are d**king around with us, but then why even offer the modification and trial period, they could simply reject us from the start (which im sure is not hard to do), or bury us under a ton of paperwork, or resell our mortgage like two companies before them (which btw means you have to start the entire process all over again)...
i just cant wrap my mind around it ... and a big part of me is so scared for the credit score, mainly because of the credit cards... if we didnt have that, i wouldnt really care, but we cant afford for our rates to go up at all
thank you for your feedback, btw!!!