my mortgage loan payment....

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wectaxz

Joined: 22 Oct 2009
wectaxz's page
Posts: 1

27 Magic Points

Subject: my mortgage loan payment....

Thu Oct 22, 2009 6:59 pm

was due oct 1, delinquent after the 16th. i did not pay it this month since i sold my home & it was supposed to pay off oct 23. now the closing has been bumped to the 30th @ 5pm. this means that the funds will not be wired until nov. 2, which will make me late for my oct payment. how will this affect my credit?

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1298

28935 Magic Points

Fri Oct 23, 2009 6:03 am

Hi Wectaxz,

Late payments affect your credit report and score badly. Your score will go down and this will remain as a negative mark on your credit report. However, try to make the payment within 30 days from the due date. If you can do this, then the lender might not report this to the credit bureau. After 30 days, it is surely going into your credit report as a negative item.
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All the Best Smile

Justin

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 605

89 Magic Points

Fri Oct 23, 2009 3:44 pm

Hi wectaxz,

Have you considered sending the payment western union. I know it cost money to do that but if you can get the money to them faster it would be better than having a negative item on your report for the next 7 years. It would have an affect on your report if you tried to buy a home in the future or anything else you needed money for.

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