| Many times in life things happen beyond our control. | | | | anything else. |
| The same happens with our finances all the time. | | | | If you find your self with a thirty day late mortgage |
| Many people would love to pay their mortgage on time | | | | payment you will need to contact the lender and make |
| and never have a late mortgage payment but it can | | | | arrangements to get caught up and current. failure to |
| happen to anyone at anytime. Knowing how a late | | | | do so may result in a rolling late. What this means is |
| payment affects you and your credit rating is | | | | that you had a thirty day late payment and never |
| important. | | | | made it. You basically skipped a month, so until you |
| Being just a few days late will not have any adverse | | | | pay that payment and bring the account current your |
| affects on your credit and will usually just result in a | | | | mortgage lender will report a late mortgage payment |
| late fee having to be paid. However once you pass | | | | every month to the credit reporting agencies. This will |
| the 30 day mark trouble begins. Technically mortgage | | | | further damage your credit and compound the |
| companies can start foreclosure as soon as you have | | | | problem! |
| one 30 day late mortgage payment, however this | | | | If you know for sure hat you are going to be late with |
| rarely happens until you are 120 days past due. | | | | your mortgage the the first thing you should do is call |
| A thirty day late payment will drop your credit score | | | | your mortgage lender. Many mortgage lenders |
| on average 50-100 points and make refinancing with a | | | | understand bad things happen to good people and will |
| low rate conforming mortgage very difficult for the | | | | usually work out a payment plan with you so you can |
| next 24 months. So if you must be late with any bills | | | | get current and keep your good credit rating. |
| make sure that the mortgage gets pad first before | | | | |