The bank sent a note of one unpaid monthly payment to the credit bureau. How would this affect my credit?
2007-09-18 15:23:43 · 9 answers · asked by Marta 1 in Business & Finance ➔ Renting & Real Estate
if they sent the note to the credit bureau it is on your record and will not be a positive thing
2007-09-18 15:27:09 · answer #1 · answered by Keep On Trucking 4 · 0⤊ 0⤋
The title company did not have time to get the payment to the lender before you were a full 30 days late. The loan is paid in full and the late payment was probably included in the payoff.
So you will show a 30 day late on your credit for 08/07. If you are looking at buying another house, a 30 day late in the last 12 or 24 months can make a difference to some lenders. However, you should be able to find a lender that allows 1x30 days and still get a new mortgage.
2007-09-18 22:55:24 · answer #2 · answered by Chuck92121 2 · 0⤊ 0⤋
Yes, most likely you will get a 30-day "hit". It takes a minimum of 72 hours for a payoff to post, and that would have been fully explained in the payoff agreement.
Since you closed on the last day of the month, on Sept 1, your payment was 30-days late, so the bank reported you correctly.
You DO NOT owe the mortgage company anymore money, and the above posters that have suggested that evidently don't understand how a closing is conducted.
The attorney's office gets a VERBAL confirmation of the payoff the day of the closing, and if that differs from the original, they modify it, PLUS most attorney's send extra money of up to 14 days per-diem. So about 30 days post closing, you may be receiving a check from the mortgage company for any difference, to the penny.
Attorney's, don't make mistakes like that b/c it voids the title insurance.
2007-09-19 06:08:20 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Chances are it won't affect your credit at all because you were not more than 30 days late. Since your lender gave payoff figures to the title company, they were aware that you were selling or refinancing. Lenders only report to the credit agencies when your payment has been a full 30 days late.
The only way to be sure is to run your credit in a month or so to see what your lender reported. I doubt there would be a 30 day late reporting for August.
2007-09-18 23:11:20 · answer #4 · answered by Peggy H 1 · 0⤊ 1⤋
i did the same thing-5 years ago and its still on my credit report now as somethin like 7 days late. it didnt really lower my credit at all because along with the late last payment they also stated that the loan was paid in full early.
it seemed to affect my credit score for a couple of months afterwards but by about 6 months it seemed to disappear.
2007-09-18 22:46:31 · answer #5 · answered by mary h 4 · 0⤊ 0⤋
The title company that closed the loan wouldn't close the loan unless all the payments were made...I'm sure they took this out of your proceeds. Sometimes the mortgage companies will report this late payment situation and sometimes they won't. One late payment on your credit isn't going to ruin you...unless you have had other late payments other than that one in which case you score is hiding downward.
2007-09-18 22:39:17 · answer #6 · answered by Anonymous · 0⤊ 1⤋
if you didn't make the payment for 08/07 while the house was still under your name, if will definately affect your credit. you need to call the mortgage company and make the payment because I dont' think the buyers paid for it, it wasn't their house yet. So make the payment and write to the credit bureaus to explain to them why you didn't make the payment. good luck.
2007-09-18 22:33:29 · answer #7 · answered by Optimistic 4 · 0⤊ 1⤋
The webguide http://mortgagehelp.assistancecenter.info
has highly useful info on mortgage and home financing.
You can get all your doubts clarified from the site.
Check it out. Good luck!
2007-09-19 04:31:58 · answer #8 · answered by Anonymous · 0⤊ 0⤋
check with the credit bureau.
2007-09-18 22:54:57 · answer #9 · answered by robert p 7 · 0⤊ 0⤋