Rather than ask our parents for help, we're thinking of biting the bullet and pay our mortgage late. Besides the obvious late charge, what's going to happen? How badly damaged was your credit? What was your experience? What did you do?
2007-06-12 03:16:37 · 4 answers · asked by NEWTOME 3 in Business & Finance ➔ Renting & Real Estate
I have yet to miss a mortgage payment in the 2 years I have been living in my house. I have paid late though. They charge a late fee. When you are late they are not hesitant to call and see why you are late. There is a progrem called the Mortgage Outreach program. I just refinanced my home due to the interest rate and the Mortgage Outreach program called me to see if I needed assistance paying my mortgage. Google it and see if you can find any info maybe they can help you. If you are late more than 90 days they can legally foreclose on you. Don't let them scare you because they will say whatever they need to get you to send a payment. I live in TX so your state regs might be different. the best thing you can do is review your contract and see what it says. you can also call a lawyer and see what your rights are. They don't charge just to answer a few general questions. Good luck.
2007-06-12 08:51:30 · answer #1 · answered by M n M 4 · 0⤊ 0⤋
If you are talking about a 30 day late, nd you have a way that you will not be late you should take it. You should always pay your mortgage first and everything else second. A mortgage late is alot worse then a credit card late payment since it is a large debt.
On the other hand if you are talking about paying past the 15 day grace period then you technically have until the end of the month to pay it before you are 30 days late. You will not get a late payment on your credit report in that case, you may have to pay a late fee but that is much better then a 30 day on the credit report. You will have to eventaully pay the mortgage sooner or later and most lenders do not take parital payments.
2007-06-12 03:22:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A mortgage payment is the most sensitive of all payments to miss or be late on- even one 30 day late-pay can affect your credit for more than a year. Avoid missing if you can.
2007-06-12 03:20:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you're in that position, CALL YOUR LENDER and ask for a deferred payment. Ask them whether that will trigger an entry on your credit report. Any information you get on here will just be speculation, because not all lenders operate the same way.
2007-06-12 03:21:03 · answer #4 · answered by MOM KNOWS EVERYTHING 7 · 1⤊ 0⤋