Just trying to find out. Of course the first month that our moortgage payment is due, some crazy stuff happens to where we cant pay it until 3 weeks over due.. what happens?
We will be less then 30 days late.. only about 12 days. Will that show on our credit?
I managed this stuff for a national lender and here’s how it goes:
First of all, 12days won’t be on credit. 30+ days will only.
Second, they won’t do anything. They can, but they won’t. If you have a mobile home and are with a large company, you may get a call, but if you keep it under 30 days, you are ok. If you are with a brick and mortar company, you’ll get put on autodialer for a couple days, which is useless.
That 90 days statement is crap (no offense to that person). Technically, you are in default 1 day past due, but no lender will actually do anything.
1) If they did issue a notice, you’d cure it before it gets to your house.
2) The notice wouldn’t look good for them if they tried to pursue you. A judge would call that predatory and tell them to screw off.
Moral of the story. Pay it under 30 days late and you’re cool!
Typical industry standard is 90 days- they will send you a foreclosure notice. Dont lose your house-its the best asset a consumer can have.
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You should do whatever you can to make your mortgage payment. If you don’t make your mortgage payments you will lose your house. Plus a delinquency on your mortgage payment will last longer than other late payments, because the term of the loan is longer.
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if you don’t make the payment at all for like 6 months then you have something to worry about…
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I managed this stuff for a national lender and here’s how it goes:
First of all, 12days won’t be on credit. 30+ days will only.
Second, they won’t do anything. They can, but they won’t. If you have a mobile home and are with a large company, you may get a call, but if you keep it under 30 days, you are ok. If you are with a brick and mortar company, you’ll get put on autodialer for a couple days, which is useless.
That 90 days statement is crap (no offense to that person). Technically, you are in default 1 day past due, but no lender will actually do anything.
1) If they did issue a notice, you’d cure it before it gets to your house.
2) The notice wouldn’t look good for them if they tried to pursue you. A judge would call that predatory and tell them to screw off.
Moral of the story. Pay it under 30 days late and you’re cool!
References :
I am a loan professional,and I can tell you that most banks and lenders will file a lis pendens (foreclosure) when the payment is 90-120 days past due. At this point in order to save the house, you would either need to see if you can work out a forbearance plan with them (catch up on payments), file Chapter 13 bankruptcy, or try to find a lender who will refinance you and pay off the current mortgage in full (not easy, since your credit would suck at this point and the rate would be quite high).
If you are three weeks late, you might receive a late fee, but just do everything in your power to make sure the payment gets there within 30 days of the due date so that it doesn’t report to your credit. If you ever refinance or apply for another mortgage, payment history is an important factor in determining the rate and terms you can qualify for.
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