Does missing 1 mortgage payment even hurt it a bit?
2006-08-27 14:29:04 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
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2006-08-29 13:24:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you miss one payment and don't pay it in full within a rather short period of time (and also pay associated late fees and legal costs), you risk facing foreclosure on your loan and losing your home.
Most companies seem to allow one "late" payment (ever) before reporting it to a credit reporting agency. I haven't read about any mortgage company that will not make attempts to collect a "missed" payment.
Please, don't focus on your credit in this instance. Your credit information is important to other lenders/creditors. Your mortgage holder is only concerned about getting that "missed" payment from you. Sometimes, they can get ruthless. Some lenders won't accept further payment on your mortgage until you pay ridiculously (questionably legal) fees until you pay out the -ear.
Arrange to pay that missed payment ASAP. And be prepared to pay alot more than you thought it would be.
2006-08-29 18:57:09 · answer #2 · answered by buggeredmom 4 · 0⤊ 0⤋
mortgage payment will definitely hurt your credit and is hard to say how much, deepens of your credit history in general. it's different for everybody. it's better to miss small bills, than your mortgage payment.
2006-08-28 07:22:20 · answer #3 · answered by bianca 4 · 0⤊ 0⤋
Missing one hurts your score, missing more than one will show a big dent in your score.
Mortgage payments are one of the most important things, just like car payments.
2006-08-27 14:34:34 · answer #4 · answered by Joey 5 · 1⤊ 0⤋
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2016-11-05 22:16:12 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Depends on the mortgage company you have who will report you.
If you are dealing with Wells Fargo, they report it usually the first time. Sometimes they are forgiving and do it on the second missed payment.
Yes-missing one payment will hurt you.
2006-08-29 08:51:50 · answer #6 · answered by Big Bear 7 · 0⤊ 0⤋
It will hurt but not that much if you are having a problem this month talk to your mort co. and tell them about your situation. Most companies will defer a payment for you the the end of your loan.
2006-08-31 09:20:05 · answer #7 · answered by Sarah J 2 · 0⤊ 0⤋
That is a no no pal. You don't want to miss any payments period at all costs. If you miss a mortage payment your honor is shot to hell.
2006-08-30 09:29:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It sure does...even if it is late ...it will lower your credit score.And if you miss a payment it would hurt it quite a bit.
2006-08-27 14:36:39 · answer #9 · answered by my two cents 6 · 0⤊ 0⤋
Just one!
2006-08-27 14:39:05 · answer #10 · answered by Jill&Justin 5 · 1⤊ 0⤋