what happins if u miss a homeloan payment?

Question

iv got a homeloan and missd this months repayment, tho il hav it paid in 3 wks, was jus wondering if anyone knew what happins to your credit rating when u miss one?

Answer 1

If you are 30 days late it is a hit to your credit rating. When you are at the end of your grace period usually between the 5th and 15th you will get a penalty. They could start foreclosure anytime they want now so you should call and ask if there is any way to avoid that. You should always call before you are late if you know you have a major problem and explain what is wrong. They may add the payment to the end of the mortgage if they want to.
Do whatever you have to to make sure the payment is paid before 30 days late.

Answer 2

Nothing. Typically, payments are due on the first, late, after the 15th, and will affect credit after 30 days. If you pay in three weeks you will pay a late fee but it should not hurt your credit unless you go into the next month, which would give you a one times 30 on the credit report.

Answer 3

call your lending institution and explain your situation. running and hiding will get you in big trouble. Sometimes as you explain to them they will give you a "freebee" so your credit dose not get hurt. You may have to talk to a supervisor.

NICE answer with the tow truck, its brainless!

Answer 4

slight downtick for a late payment; bigger for a missed.

Call the lender and let them know; might help.

Answer 5

I definitely recommend communicating with your lender. They will very often work with you, and if not, remaining in contact with them goes a long way towards avoiding foreclosure.

Answer 6

Next month you owe two payments. Now your behind. you get to far behind they will come and get the house.

Answer 7

a tow truck backs up to it and tows it away . . .