Posted on: 16th Mar, 2010 09:45 am
Back story:We are facing foreclosure in just a few weeks.
My husband was laid off & without employment just over a year. He now has a job but took a huge paycut and the mortgage is no longer doable.
Our mortgage company worked out a 3 month program for us but now wants us back at the original payment.
We do not qualify for an additional program because they say we make too much money (yet not enough to pay the mortgage!)
We obviously need to find a place to move to. I am nervous about not being able to lease a home as our credit score may have suffered miserably. We have kept all other payments current - only the mortgage has been late.
I found information on this forum regarding how many points a short sale and a foreclosure will damage your score but nothing on late payments.
Just a ballpark is fine.
We are approx 5 months past due.
My husband was laid off & without employment just over a year. He now has a job but took a huge paycut and the mortgage is no longer doable.
Our mortgage company worked out a 3 month program for us but now wants us back at the original payment.
We do not qualify for an additional program because they say we make too much money (yet not enough to pay the mortgage!)
We obviously need to find a place to move to. I am nervous about not being able to lease a home as our credit score may have suffered miserably. We have kept all other payments current - only the mortgage has been late.
I found information on this forum regarding how many points a short sale and a foreclosure will damage your score but nothing on late payments.
Just a ballpark is fine.
We are approx 5 months past due.
Welcome TxEliza,
The late payments would reduced your credit score by few points. May be your score can go down by 100 points. However, it would be considered as a negative item on your credit report and will remain on it for the next 7 years.
Thanks
The late payments would reduced your credit score by few points. May be your score can go down by 100 points. However, it would be considered as a negative item on your credit report and will remain on it for the next 7 years.
Thanks
The size of the hit you will take depends on several other variables that make up your overall credit score, but FICO did recently release some ballpark figures for "imaginary" people with credit scores of 780 and 680.
One 30-day late payment for the person with a score of 780: 90-110 points
One 30-day late for the score of 680: 60-80 points
One 30-day late payment for the person with a score of 780: 90-110 points
One 30-day late for the score of 680: 60-80 points
If I make my mortgage payment on the 8th instead of the 1st will this hurt my credit?
Hi cruzin,
Every lender offers the borrowers with a grace period of 15 days in order to pay the mortgage dues. If you pay the mortgage dues within that time period, the late payments won't affect your credit.
Thanks
Every lender offers the borrowers with a grace period of 15 days in order to pay the mortgage dues. If you pay the mortgage dues within that time period, the late payments won't affect your credit.
Thanks
You have 30 days to pay your mortgage even with the 15 grace day period. You will get charged a late fee after the 15th day but as long as you pay within the month it is due, you will be reported on time with the credit bureaus.