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Can One Missed Mortgage Payment Affect Your Credit Rating
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 [email protected] for more details, or apply online at www.MortgagesByTommy.com.
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....
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