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how ca my credit score drop do to late morgage payments

Posted on: 05th Mar, 2009 04:04 pm
Hello,

I need to know how much can a late morgage payment may affect my credit score and how many points can it drop down.
I am currently going through divorce and by court order I am to pay half the morgage. My soon to be ex-wife has not paid her half for several month. Since then I been getting foreclosure notices and harrasing calls from the bank. My credit has always been over 700 but I am afraid it may be lower because of her negligence. I have recently received a letter from a credit card stating that do to the defauld with my morgage payment they have drop my credit line to $8000. from $24000. How low can this issue cost my credit to drop and how can this affect me to apply for a rental?.
Hi Goodman!

Welcome to forums!

If you are 90 days or more late in your mortgage payments, the lender reports it to the credit bureau. This shows up as a late payment in your credit report and will remain for 7 years on the report. If you are 120 days or more late, then the lender can charge off the loan to a collection agency as well. As far as credit score drop is concerned, it will depend upon the various circumstances.

Feel free to ask if you have further queries.

Sussane
Posted on: 05th Mar, 2009 07:33 pm
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