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Answers (6)
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
There are programs out there than can help you, possibly, Making Homes Affordable is one.
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
Talk to your lender before you stop paying your mortgage.
Best of luck to you.....tough situation I am sure.
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
Talk to your lender before you stop paying your mortgage.
Best of luck to you.....tough situation I am sure.
- droopyd
- Contributions:403
It can be as soon as the 31st day after your original due date.
- passionate
- Contributions:5
Thank you for the answers! It helps in making some decisions here! :)
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Example:
Mortgage payment due Jan 1
Mortgage payment not made by Jan 31
Feb 1 - Lender start to crack their knuckles...says time to put the word out...
By Feb 15, your credit score starts feeling the pain.
Mortgage payment due Jan 1
Mortgage payment not made by Jan 31
Feb 1 - Lender start to crack their knuckles...says time to put the word out...
By Feb 15, your credit score starts feeling the pain.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
Different creditors report to the credit bureaus at different times each month. Yours like everyone else's payment is due on the 1st of the month and will be late the 1st of the following month. At the maximum, the late payment will be reported 30 days after that unless, for some reason, the lender does not report that month. This happens every now and then, but is not usually the case. So, your credit score could be affected any day following the 1st day of the month following your late payment.
Hope that helps!
Hope that helps!
- Marc Halliburton, "ALPINE MTG. PLANNING"
- Contributions:17
30 days. As you miss each month your scores will contiue to drop as you will pull what we call a 1X30 then 2x30 or 1 60 (meaning 60 days down) and it will continue from there, but our short answer is 30 days for the first late to post. I hope this helps.
if you stop paying the mortgage payment, how soon does your credit score go down?
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