2007-01-17 01:57:34 · 8 answers · asked by coolgman58 2 in Business & Finance ➔ Renting & Real Estate
Nearly 10 years in the mortgage industry have taught me this: If you miss a mortgage payment, your credit is totally screwed. A 30 day late mortgage payment is the kiss of death, it's pretty much neck and neck with a bankruptcy as far as lenders are concerned. A first mortgage payment due on the first is considered late as of the 15th of the month, and is a 30 day late come the first of the next month. Be very careful. Foreclosure proceedings depend upon the type of security insturment you have on your property. If you have a note and deed of trust, they can foreclose on you immediately upon violation of the terms of the deed of trust, usually 90 days of missed payments. If you have a mortgage, they will have to go to court to get a sale of the property ordered. However, mortgages are uncommon in the modern market and are generally reserved for agricultural property. My suggestion is to pay your mortgage, in full, on time, first, always, before you buy anything else. I'll eat beans and rice for a month before I miss my mortgage payment.
2007-01-17 02:13:56 · answer #1 · answered by tiny_dog10 2 · 1⤊ 0⤋
1. Your next mortgage statement will reflect that there are two payments due and a late charge.
2. Your credit history will show a late payment
3. You will probably start getting letters and / or phone calls from your lender inquiring about your payment
2007-01-17 02:57:54 · answer #2 · answered by Le_Roche 6 · 0⤊ 0⤋
you will be charged late fees and need to make that payment up, after 3 months of missed payments they will begin foreclosure procedures. also your credit score will take a hit for the late payment and/or none payment.
2007-01-17 02:06:18 · answer #3 · answered by singledad 7 · 0⤊ 0⤋
You would have to read your Note and see what the terms and conditions are. Why not call them and explain why you will miss the payment? Usually they will want to work with you.
2007-01-17 02:02:39 · answer #4 · answered by americanmalearlington 4 · 0⤊ 0⤋
Missing one payment won't be the end of the world, but you will need to catch up quickly. I think they begin foreclosure typically by the third missed payment.
Thanks for the 9000th point!
2007-01-17 02:01:08 · answer #5 · answered by ? 6 · 0⤊ 0⤋
ur payment will be doubled next time
2007-01-17 02:01:34 · answer #6 · answered by lakshmi d 2 · 0⤊ 0⤋
you will trash your credit scores.
2007-01-17 04:56:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋
u get behind.
2007-01-17 02:22:02 · answer #8 · answered by Nedda 2 · 0⤊ 0⤋