Protecting Your Credit Score
Typically, the loan modification process takes 3-4 months. It is not required for you to go 30 days late for us to modify your mortgage, therefore you can stay current with your mortgage and avoid any negative credit reporting. You do not need to have good credit to qualify for a loan modification. Your current credit score does not factor into the loan modification process.
Receiving a loan modification or simply going through the loam modification process, does not damage your credit. However, being 30 plus days late on your mortgage payment does.