30 Days Late On A Mortgage Payment

 


Visitors: 123

Basics

Your mortgage lender reports your payment history to credit bureaus. This information in turn shows up on your credit report and affects your credit rating.

Mortgage lenders report if you are late by 30 days, 60 days, 90 days, or more. They will also report how long you were late by for each of the months you are late.

For example, you can be late by 30 days in April 2006 and late by 60 days in December 2005.

Lenders will count up the number of times you are late by categories, so you can be late 4 times by 30 days, 1 time by 60 days, etc.

Mortgage lenders that work wtih borrowers who have been late in the past have specific types of late payment scenarios they will accept. Some lenders will only work with borrowers who have been late by 30 days, while others will work with people who are late by 60 days or more.

A late payment once by 30 days is not necessarily a deal breaker for a mortgage lender. Sometimes borrowers are late on their payments for honest reasons, including having their loan resold to another lender and sending in the payment to the previous lender.

Conclusion

There is more than one lender that will work with you if you are 30 days or 60 days late on your mortgage. It is particularly helpful to you if you have some equity in your property. This makes it easier for a mortgage lender to approve your application.

Get Mortgage Rates, 25+ Free Mortgage Calculators, Mortgage Quick Tips and Much More

Debt Consolidation News Fixed Rate Mortgage News

(278)

Article Source:


 
Rate this Article: 
 
Interest Only Mortgage? Consider a Graduated Payment Mortgage
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Mortgage Refinancing With Late Payments – How Late Your Mortgage Payments Are .

by: Louie Latour (January 23, 2007) 
(Real Estate)

How to Avoid Late Payment Fees

by: Jo Jude (July 07, 2008) 
(Finance/Credit Tips)

What to Do When You Make a Late Auto Insurance Premium Payment

by: James J. Robinson (June 22, 2008) 
(Insurance/Car Auto)

The small business late payment hall of shame

by: Ben Holloway (August 13, 2010) 
(Business)

How To Legally Wipeout Late Payment History On Your Credit Report

by: Tim Gorman (March 31, 2008) 
(Finance/Credit)

Mortgage Refinance: You Can Lower Your Monthly Mortgage Payment Even With Bad ..

by: Louie Latour (September 25, 2006) 
(Real Estate)

Mortgage Refinance Information – How to Lower Your Monthly Mortgage Payment

by: Louie Latour (November 04, 2006) 
(Real Estate)

Mortgage Refinancing: How Term Length Affects Your Mortgage Payment

by: Louie Latour (November 22, 2006) 
(Real Estate)

Mortgage Calculator - How to Calculate Your Monthly Mortgage Payment

by: Marc Sisk (May 13, 2005) 
(Finance/Mortgage Refinance)

Interest Only Mortgage? Consider a Graduated Payment Mortgage

by: Carrie Reeder (September 15, 2005) 
(Finance/Mortgage Refinance)