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sprisock · Joined: 28 Oct 2008 Posts: 2 1.64 Dollars($)

How will a notice of delinquency affect your credit?

banker0679 · Posted: Tue Oct 28, 2008 6:04 pm Post subject:

Hi Sprisock ...and welcome to Mortgagefit!

Please tell us what the notice of delinquency is for?
Is it to show a 30day late on a credit card? auto loan? mortgage?
It will also depend on your previous score

thank you
Robert

sprisock · Joined: 28 Oct 2008 Posts: 2 1.64 Dollars($)

It is for a mortgage. Just wonder how bad is a notice of delinquency when it hits your credit? My credit score is(was) around 750. Also, how bad is a foreclosure and how long is it on your credit report.

Thanks,

banker0679 · Posted: Tue Oct 28, 2008 6:57 pm Post subject:

With the late payments...and the Foreclosure...you're looking at 150-200 points at least.

Make sure to stay on time with your other accounts so you can start rebuilding your credit

smithsussane · Posted: Tue Oct 28, 2008 7:14 pm Post subject:

Hi Sprisock!

Repeated delinquencies and public record entries can lower your score and will also cause a negative credit rating in your credit report. As far as foreclosure is concerned, it may lower your credit by around 200 points.

Feel free to ask if you have further queries.

Sussane

joe · Posted: Wed Oct 29, 2008 12:03 pm Post subject: Notice of Delinquency

Sprisock,
Try loan modification or short-selling before destroying your credit, and suffering through a foreclosure. Good Luck!

Guest

Hi everyone,
My parents bought a home 3 yrs ago, and I am a co-borrower for that loan. I lived with them at the time, but now I am married and I moved to a different town. They have been paying on time, but now they want to modify the mortgage loan; however, to get this done, they will need to get behind in payments. I want to buy a house, but my guess is that if they get behind in payments, it will lower my credit score, and probably will affect my ability to buy a house. How terrible is for my credit to have a delinquency in that mortgage?? by the way, my name will be removed from the loan once it is modified. Thank you!!!!!!!

jameshogg · Posted: Mon Mar 02, 2009 10:04 pm Post subject:

Hi Sandra,

Do you want to modify the loan or refinance it? If your parents go for a loan modification, then I don't think your name will be removed from the mortgage. However, if your parents refinance the mortgage at a lower rate in their names, then your name can be removed from the mortgage docs.

As your parents are current on the mortgage payments, I would suggest you to ask your parents to refinance the mortgage rather than modifying the loan.

Thanks

gmakerley · Posted: Tue Mar 03, 2009 12:20 pm Post subject:

sandra, you are going to need to find out specifically what the lender has in mind. if the modification is, in essence, a refinance (how else is your name being taken off?), then you really won't have a worry, in my estimation.

are your parents being encouraged to fall behind in order to make this modification work? that's a possibility, i suppose, but not a smart thing, and i would have to think it's not at all necessary. in any event, if they do fall behind, that can hinder you.

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