It's unavoidable - we're gonna miss a mortgage payment. How badly will that affect our credit?

Question

We can't make our December motgage. We can't borrow from anywhere and all our savings are depleted because my spouse has been out of work for most of the year. He's the only person on the loan and we plan to refinance next year, with both of us on the loan. We both have 'good' credit, in the upper 600's. What's our damage? And how will one late payment over two years of the life of the loan affect us?

Answer 1

Call the mortgage company and ask them if you can defer a payment or two, they just add it to the back side. But it is better to call them and work something out then just miss!

Answer 2

Regions Mortgage Payment

Answer 3

There is several ways to handle this, if you are not able to make your house payment then call the company that you have your house payment with and ask them for an extension. Usually they will do this especially if you have never been late before.

Sometimes they can set things up where you can pay back your missed payment by adding extra amount to the next house payment until the one missed payment is paid off.

Another option is sometimes they can readjust your payment and put that missed payment at the end of your mortgage so you can make it up at the end instead of struggling to make 2 payments in one month.

Another is to just not make the payment and what to see what happens. It will ding your credit, however if you can make 2 house payments the following month then they shouldn't start calling you and asking for that payment. However if you get several months behind they will call and harasses and start foreclosure procedures.

Check out the link to help with more information on getting out of debt.

I hope it helps

Answer 4

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RE:
It's unavoidable - we're gonna miss a mortgage payment. How badly will that affect our credit?
We can't make our December motgage. We can't borrow from anywhere and all our savings are depleted because my spouse has been out of work for most of the year. He's the only person on the loan and we plan to refinance next year, with both of us on the loan. We both have 'good'...

Answer 5

I work for a mortgage company, skipping a payment happens to all of us, however a lot of people don't know the extent of the damage it causes. I would contact your mortgage company and inquire about an extension to pay. Normally this will not effect your credit rating if you do so. If you fail to ask for one it could effect your refinance in the future as other mortgage companies will consider your a risk in non payment regardless of how long you have had your loan for. Even if you make a partial payment it show other mortgage companies that you tried to make the payment needed but were unable to. My advise, is requesting an extension, which keeps the mortgage company from reporting to the credit bureau that you were late whick ultimately gives you a better chance to refin in the future. Call now, they should provide you one.

Answer 6

It's going to affect it. It may show up on your credit report, and cause you to lose some points. You really should contact your lender and ask them if there is anything they can do.
Bush signed that new program to bail people out of late mortgage payments if they're not too far behind. It's better to be truthful with the lender than hide it.

Answer 7

Bb&t Mortgage Payment

Answer 8

It won't affect your credit as long as you get it caught up. You should call your mortgage company and let them know you are having a rough time right now. Many mortgage companies will defer a payment for you to help you catch up. The most important thing is to communicate with the lender. Most of them are willing to work with you. Trouble only starts if you begin to avoid their calls for a late payment. Their main concern is people many months late and they aren't able to contact them. You should be fine.

Answer 9

Call your mortgage company and ask them if you can skip a payment. Most will let you (usually for a small fee).

If you just skip it, then in January, you will be making December's payment a month late. In February, you will be making January's payment a month late. The late fees will hurt you and once they start reporting all these late payments, it will likely have an adverse affect on his credit score.

Answer 10

Call the mortage company. Explain about your spouse being out of work and ask if you can pay the interest only until things are better. The interest is the part THEY put in THEIR pockets, and as long as they get that, they won't care about the principal; that is the part that decreases your loan balance, and that only hurts YOU. I have been told that one late payment, as long as it is paid within 30 days, will not even show up on your credit report. I have worked for several years to repair my credit after my husband left me, and I now have an 800 rating. That is NOT a typo. It is actually 800 now. And I made one late mortgage payment (got the due date mixed up with my truck payment due date), which did not affect a thing. Don't fret too much, but make the call and explain. They will likely work with you if you let them know, but if you don't, they will give you a big black mark.

Answer 11

Are you going to be able to make up the payment in January? You need to call your mortgage company right away and tell them you cannot make Decembers payment and ask if you can make a partial payment if you have it. If you fall behind again in January, you become a much bigger risk to the lender. Be up front with them now - you'll end up with a better chance of avoiding fees later.