Credit

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Icon Mini Profile eh_lana




Joined: 17 Sep 2009

Posts: 1

1.43 Dollars($)
PostPosted: Thu Sep 17, 2009 2:44 pm    Post subject: Credit

Hello- My credit score is currently around 840- I am finding it difficult to pay my mortgage and the bank will not consider me unless I am late on my payments. How much would being late on my mortgage loan drop my credit score?
Icon Mini Profile jameshogg
jameshogg



Joined: 20 Dec 2005

Posts: 4291
Location: nevada
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PostPosted: Thu Sep 17, 2009 8:03 pm    Post subject:

Hi eh_lana,

If your creditor reports your late payment to the credit bureaus then it would remain on your credit report for the next 7 years as any other negative item. However, it's really difficult to tell how much your scores would drop. It may depend upon the various other factors included in your credit report.

Thanks
Icon Mini Profile jheard
jheard
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Joined: 12 Dec 2007

Posts: 599
Location: Houston, TX
98.69 Dollars($)
PostPosted: Fri Sep 18, 2009 7:45 am    Post subject:

Don't foul up your great credit score on purpose, you will regret it. If you are having trouble with the mortgage then do something to fix it like sell the house, get a tenant, or cut back on other expenses.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
Icon Mini Profile gmakerley
gmakerley
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Joined: 09 Nov 2007

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Location: bloomfield, ct
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PostPosted: Sat Sep 19, 2009 8:12 am    Post subject:

good advice here - find a way to make your payment somehow (beg, borrow and i won't say "steal"), and maintain your credit rating. if, as jheard said, you find you cannot continue, selling may well be the best bet. i'd hope this is only a temporary situation for you.
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Icon Mini Profile sunnyca2009




Joined: 04 Aug 2009

Posts: 1737

36.13 Dollars($)
PostPosted: Sat Sep 26, 2009 3:01 pm    Post subject:

One thignfor sure beign late of mortgage or credit card will have soem point s taken away from yorucredit score, but remember that bad part is it remains on yoru report for 7 years and you will have keep explaing to any new lenders you want to do business with

If you are nto able to make payment one way to get attention is to be late on payment with out affecting yoru credit.


Normally all the mortgage payments are due by 1st of every month and they also give you normal 15 day grace period. If you make payment in the first week, they may not worry much, but the moment you do nto make payment until 14 or the 15th that raises a red flag and you cna get soem attention from the lenders

But also rememebr if you cna prove to the lender that your current finacial situation is causign this, then there is a good chance that your laon can be modified

I have seen loans which ahev been modifided for peopelwith good credit and also who are curent on thier payment but had some financial difficulty
Icon Mini Profile thewretched02




Joined: 23 Jun 2009

Posts: 115

23.90 Dollars($)
PostPosted: Mon Sep 28, 2009 7:35 pm    Post subject:

Best option is of course to keep your payments up.

Can you look at refinancing? Perhaps with another lender?

If not, there's always the possibility of a loan modification? If you're interested on loan mods, you can get free loan mod.

[External links deleted as per forum rules. Thanks.]

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Icon Mini Profile sunnyca2009




Joined: 04 Aug 2009

Posts: 1737

36.13 Dollars($)
PostPosted: Sat Oct 03, 2009 11:44 am    Post subject:

Yep keep makign your payment on time
Icon Mini Profile sunnyca2009




Joined: 04 Aug 2009

Posts: 1737

36.13 Dollars($)
PostPosted: Sat Oct 03, 2009 11:54 am    Post subject:

The other option is to go for loan modification
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