Has anyone been late on thier morgage?

Question

I have having problems making my morgage payment this month. I will be able to catch up after this month but what will happen if i dont make a payment? I know i have a late charge fee if i dont make a payment by the 16th but i need at least a month to catch up will this hurt my credit if im late one month? Please any sggestions

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Answer 1

Yes, it will hurt your credit. You need to call your mortgage company right away and explain your situation before your loan is due. There is no guarantee they will make a provision for you but its work trying. Also you need to know that most creditors will add to your credit reference file to show that you are behind with your payments even if they agree to your offer. http://www.badcreditfixup.com/credit-que...

Answer 2

Any negative credit items can stay on your credit reports for 7 years, 10 years for a bankruptcy.  That one late payment will affect your score.

I would call your mortgage company immediatley to explain the situation.  They're much more willing to work with people who keep them informed of the situation.  

I always tell people if your short on money, pay the mortgage first, then any other debts that report to your credit, then finally everything else.  Is there anything that you can cut out such as cable, internet, eating out etc?  Maybe take in a roomate or get a second job?

Answer 3

yes it will hurt your credit....it will stay there for three years...and you will be asked what happened.

Answer 4

Yes, and I'm also disturbed that someone can't spell "mortgage", yet has one.

Answer 5

~~Call them right away and tell them your situaton. Especially now with financial times so hard, they are very willing to work with you without hurting your credit, you just must kee them apprised of what is happening. If they have to contact you, it doesn't work as well. They will probably set up a payment plan for you to get current on this one month while continuing to maintain your future payments.~~