Urgent mortgage moves need not destroy credit scores

Financially stressed homeowners looking to cut their mortgage payments through a loan modification, short sale or principal reduction under one of the Obama administration's programs needn't wreck their credit scores in the process.

In fact, according to a new study covering more than 400,000 active consumer credit files, some modification options can increase your scores rather than depress them. Other alternatives to modification -- such as foreclosure and bankruptcy filings -- can tank your scores and take years to rehabilitate.

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