Can One Missed Mortgage Payment Affect Your Credit Rating

Dated: 07/24/2014

Views: 746

Most people don’t know whether or not a single missed mortgage payment can have serious consequences for their credit score. The good news is that there are things that can be done to mitigate the damage and help anyone who has missed a payment repair their credit. What are some options to help homeowners get back in the good graces of their creditors?
1. Own Up To The Mistake - The best thing to do is to admit that the payment was missed and immediately make amends for it. For the most part, mortgage lenders are sympathetic to the fact that people miss payments for reasons that may be beyond their control.By calling the lender as soon as it appears that a payment may be late or not forthcoming at all, it is easier to make arrangements to roll that payment back into the mortgage or take other steps to decrease the odds of a negative remark being made on a credit report.
2. Don’t Let A Single Missed Payment Turn Into Multiple Missed Payments - While a single missed payment can hurt a credit score, it is important to not compound the mistake by missing more payments. In some cases, someone may decide to make up for the late payment before making any further payments. However, that only makes the mistake worse because a borrower will be considered late on all subsequent payments. It is better to make the most current payment on time and make the late payment the secondary priority.
3. Hire A Third-Party If Necessary To Negotiate A Loan Modification - It is important to not let emotion get in the way of negotiating a modification to a mortgage. When a borrower hires a credit counselor or a bankruptcy attorney to talk his or her creditors, the negotiations can stay professional and on topic. In most cases, a lender will be willing to make modifications for those who need them because it is better to get the money from the borrower willingly instead of having to go through a foreclosure proceeding. 
While a missed mortgage payment can be bad news for a credit score, it is possible to make amends for the missed payment while minimizing long-term damage to a borrower’s credit score. By owning the mistake, staying current on all future payments and working with a third-party, it may be possible for a lender to forget that the missed payment ever happened.

Posting on Behalf of Tommy Bearint with Waterstone Mortgage.  Contact Tommy at 813-786-1941 or tbearint@waterstonemortgage.com for more details, or apply online at www.MortgagesByTommy.com.
Blog author image

Michael Valdes

Realtor Michael Valdes was born in Tampa Florida and has lived and worked in the Tampa Bay area his entire life. He first got into the real estate industry working for large corporations such as JPMor....

Want to Advertise on this Site?

Latest Blog Posts

St Petersburg FL For Outdoor Enthusiasts Simply A Paradise

The Tampa Bay Area is a paradise for outdoor enthusiasts including fishermen, boaters, hikers, bikers and more. The Tampa Bay is the largest estuary in Florida with 400 square miles of flats and

Read More

Fishhawk Ranch One Of Top Communities In Tampa Bay And Deal Of The Month

#FishhawkRanch is one of the top communities in Tampa Bay because of its A rated schools, tennis courts, basketball courts,  pool complexes, parks, 28+ miles of running trails, gorgeous

Read More

Why Brandon Florida Is So Popular To Live In

Brandon is one of Tampa Bay's Most popular cities. It is a medium-sized town located in the state of Florida in the Tampa Bay Area. With its population of 111,054 people and 18 constituent

Read More

BUY A NEW HOME AND GET A FREE POOL

FREE POOL!!Thinking of buying a brand new home soon? How about getting a FREE POOL with your new home purchase!! There is a special going on this month only (September 2018) where you get a

Read More