Compare Mortgage Quotes

jasytrue · Joined: 03 Jan 2009 Posts: 2 1.58 Dollars($)

what does default mean, I miss a payment and was manged to make the payment in 5-10 days.

smithsussane · Posted: Sun Jan 04, 2009 8:34 pm Post subject:

Hi jasytrue!

Welcome to forums!

Normally the lender gives a grace period of 10-15 days after you fail to give the mortgage payments on the due date. During the grace period, your credit will not take a hit due to the late payments. Lenders consider a loan default only if you are 30 days or more late on the payments. In case of 30-60 days late, lenders do not report the late payments to the credit bureaus but in case of 90 days late, the lenders will report late payments to the credit bureaus and also start the foreclosure process.

Feel free to ask if you have further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1