Does applying for personal loan affect ability to get mortgage modification?

My broker is looking into a mortgage modification for which he says I am eligible. I am also considering applying for a personal loan either from my bank or from a peer-to-peer lender. My question is; will applying for this loan negatively affect my mortgage modification and should I wait for it to be complete first? The loan is to consolidate high interest credit card balances which have recently increased rates to ';maintain profitability'; on the account.Does applying for personal loan affect ability to get mortgage modification?
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All the best.Does applying for personal loan affect ability to get mortgage modification?
Most definitely. It will affect you negatively in fact. If you are already having trouble making your mortgage payment, then you take on more debt and payments, your lender will not appreciate this or take your request as serious. It will affect your ability to repay your restructured payments in the lenders eyes...
I would advice just dealing with the mortgage modification at first.. then worry about getting a loan to pay down personal debt.
Get the modification done first. After the modification and perhaps a loing of your payment just put all that money to your debts one at a time making minimum on all the rest.
The mortgage lender will definitely pull your credit report and consider other debt.
hmmm I'm in the same boat.