Will credit be really damaged if I am over 30 days late on my mortgage?

Question

Will credit be really damaged if I am over 30 days late on my mortgage?

Answer 1

Yes. Even one 30 day late hurts your credit. The more you rack up, the more it hurts your credit. 60 and 90 day lates hurt even more.

Answer 2

Your Credit rating could possibly be damaged if you are continually late with payments. Permanent damage only occurs if you default on the loan, or get more than 3 months in arrears. If you are having financial difficulty then it is always best to let your financial institution know about it up front. If your payment is going to be late then let them know about it NOW, most will give you a time extention. The majority will work with you  so a payment schedule can be devised to keep your good rating. It is in the best interest of the bank that you pay your loan, they only take action when they have no idea what is happening, and don't hear from you. Debt collection agencies will tell you that if defaulters had made arrangements early on, their services would never have been needed.

Answer 3

it sure is'nt going to help your credit, contact the loan company and pay what you can.