When the payments are late? Or when you simply don't pay?
2007-08-16 01:11:35 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Most payments are DUE on the 1st of the month, and they are considered late by the mortgage company if they receive it on the 2nd or later.
They hit you with a late fee if you pay past the 15th of the SAME month.
They report it to your credit if you pay 30 days late, after your original due date. For example, if your payment was due on June 1st and you didn't pay it until July 1st....that is 30 days late.
Mortgage companies DO NOT count individual calender days.
2007-08-16 01:40:44 · answer #1 · answered by Expert8675309 7 · 0⤊ 1⤋
You are delinquent from the very first day that your payment(s) are late. Of course, most lenders are not going to rush to foreclosure over your being a few days late, as long as the payment arrives.
If you're inquiring about delinquency relative to foreclosure, usually two to three missed payments is all it takes to initiate a foreclosure action.
2007-08-16 08:16:10 · answer #2 · answered by acermill 7 · 1⤊ 1⤋
30 days! If you are having issues, please call this number for some assistance 888-995-HELP. It is a HUD approved counseling service. With the current state of affairs in the real estate and mortgage industry right now, the can and have some started foreclosure proceedings after your first missed payment. So don't play the waiting game, get some help.
2007-08-16 08:54:41 · answer #3 · answered by Alterfemego 7 · 0⤊ 1⤋
For credit reporting purposes?
Most people tell you it will not impact you if it is NOT 30 days late but if it is a constant factor the lender can report that you are a slow payer.
Deliquent means you are not paying on time and or miss payments.
2007-08-16 08:42:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋