If one has a first and second mortgage in California,?

Question

and only one mortgage can be paid on time, which should be paid first; the other will be paid with a late payment?

Answer 1

Neither is better than the other. A mortgage for the sake of reporting is the same be it a 1st or 2nd. You never want to be down on either. I agree with the poster that suggested you call the lender if you are having difficulties, as they may work with you. Sometimes, if you can make at least the Int erst portion of your payment, the lender will be more favorable in granting relief. If you have to extend the payment out, just make them both before end of the month. You will not have a 30 day late. if you can pay check by phone or debit, that would be the best solution as it is immediate. if you do not have that option and must send check by mail, make sure it is received at least 2 days prior to end of month, and that you do indeed have the funds. If you don't have the funds you will just prolong the inevitable reporting of a 30 day late to your credit. Good Luck!

FYI: In response to the poster that suggested the credit history for the second will not show as late on the credit report if pulled now: Lenders will ask for current reporting, or a credit supplement to show the mortgage paid current; at the very least a pay-off demand will also show interest in arrears and or a VOM (verification of mortgage) will show the late.

Answer 2

It is OK to be a little late on your mortgages, just make sure that which ever you chose to make the late payment to you call and tell them you are gonna be late and when you will pay them.

The one thing that you don't want to do is be thirty days late, make sure the payment is there before 30 days are up.

You want to keep your canceled checks on all your mortgage payments to compliment your credit report, because your credit report might not reflect the exact way things really were.

I hope this has been of some use to you,good luck.

"FIGHT ON"

Answer 3

The 1st but I disagree with the other poster about refinancing. Now is an excellent time to refinance and if your credit is pulled now, it will not show a late payment on the 2nd mortgage. Check out the free evaluation form at

www.totaldebtsolutionsllc.com

Answer 4

Don't fall into the black hole that is refinancing. Go to your Bank.
Ask them to help you consolidate debt and get the best deal.

You are hovering on the brink of what could be very bad.

Now is an excellent time to renegotiate debt, particularly if you have built a decent credit rating. If you haven't, start. It will be absoultely critical to all Americans in the days to come.

Whoever you finance with, make sure you make your payments on time, otherwise they will hike up the interest rate.

Answer 5

The 1st

Answer 6

Like I said before, please go away. You are an idiot beyond words! Do you sit around making up stupid questions? Apparently, judging from all you ask of them.