Property Q&A in Plaistow>Question Details

acoreana10, Other/Just Looking in Plaistow, NH

IF I DONT PAY MY MORTGAGE FOR ONE MONTH WILL GO RIGTH AWAY ON MY CREDIT SCORE THANK YOU

Asked by acoreana10, Plaistow, NH Thu Jan 22, 2009

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Veronica if you pay within 30 days of the due date it is not considered late on your credit report but you do have to pay the late fee. if you go 31 days then it is considered a 30 day late. The next step of it hitting your credit report depends on how often your mortgage company reports the credit bureau. if they report monthly it usually is within 30 days that it shows up on your credit report. I hope this helps.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Fri Jan 23, 2009
Undetermined on how your lender reports IN SOME INSTANCES NOT ALL if you have a seasoned account with years of on time payments lender if reported COULD REMOVE worth the call. Late payment can reduce your credit scores.
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1 vote Thank Flag Link Thu Jan 22, 2009
If your mortgage is due on January 1st but you pay at the end of the month and the lender receives it before the 30th it will not go on your credit. You have a 30 day grace period on installment loans and mortgages before it is considered late on your credit report.
1 vote Thank Flag Link Thu Jan 22, 2009
Hi Veronica,

You ask: "IF I DON'T PAY MY MORTGAGE FOR ONE MONTH WILL (IT) GO RIGHT AWAY ON MY CREDIT SCORE?"

The answers from others are all correct--meaning that it's different in each case, depending on who your lender is. But the right thing to do is not be late. The lender has the right, but not the obligation to report you as soon as you are considered delinquent in his eyes. Some do, some don't.
Oddly, you will find that if you want to discuss your situation with a lender, unless you have missed 2 or 3 payments all together, they don't want to hear from you. Meaning that you pretty much need to ruin your credit before they will listen to what you have to say.

Go figure.

Dane
0 votes Thank Flag Link Fri Jan 23, 2009
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