Home Loan With Mortgage Late Payment

A mortgage late payment should be avoided at all possible costs.  Qualifying for home loan with mortgage late payment will be challenging because most mortgage lenders require 12 months timely mortgage payments to qualify for mortgage loan. A mortgage late payment will show up on your credit report for a period of 7 years.  You should always make sure that you make your monthly mortgage payments on time.  Mortgage late payment normally occurs when a homeowner is between transition from one home to another home when the original mortgage payment is paid off and the homeowner waits for the new payment book.

One Late Payment Can Drop Your Credit Scores 50 FICO Points

Timely mortgage payments have a great deal of weight on your credit scores.  One mortgage late payment will devastate your credit scores by 80 or more payments.  When it comes for you to refinance your current mortgage loan with mortgage late payment, you mortgage late payment will show up and your new mortgage lender will really not look at the mortgage late payment favorably no matter how old the mortgage late payment was.  There are some mortgage lenders that will understand one 30 day mortgage late payment while others will not touch a mortgage loan borrower if they had a mortgage late payment within the past 24 months.  If you get a mortgage late payment on your credit report from your mortgage lender, you need to do whatever possible to see if you can get the mortgage late payment removed from your credit report.

Mortgage Late Payment Reported On Your Credit Report And Qualifying For Home Loan With Mortgage Late Payment

If you are not a habitual mortgage late payment payer and the mortgage late just got reported due to your error, contact your mortgage loan servicer and plead with them if they can remove the mortgage late payment from your credit report for a one time basis.  If you have a track record of paying your mortgage payment on time, your mortgage lender will give you a one time reprieve and remove the late payment off your credit report.  However, if you are a consistent mortgage late payment payer and have multiple mortgage late payment record, the chances are that they will not remove any mortgage late payments off your credit report.  Mortgage companies do understand the severity of a mortgage late payment record and most will remove the late payment record.

Ask Creditor To Remove Late Payment Off Your Credit Report To Qualify For Home Loan With Mortgage Late Payment

If the mortgage company representative refuses to remove the one time mortgage late payment history off your credit report, ask to speak to a supervisor.  Please be extremely polite because the mortgage company is not obligated to remove your mortgage late payment record off your credit report.  If everything goes well and the mortgage lender agrees to remove your mortgage late payment off your credit report, you need to consider yourself extremely lucky.  Make sure you always make your mortgage payments on time and check your credit report periodically to make sure there are no errors if you want to qualify for home loan with mortgage late payment.

When Mortgage Lender Makes Mistake In Reporting You Late

There are many instances where new mortgage loan borrowers are late on their first mortgage payments due to the mortgage lender.  Mortgage companies need to send payment coupons to the new mortgage loan borrower and many times, there are confusion on where the mortgage company sends the statements.  Mortgage loan borrowers normally will request for mail to be sent to the new address or old mailing address in cases where the new homeowner remodels the house prior to moving in.  There are cases where the mortgage lender sends it to the wrong address and due to this matter, the mortgage payments get recorded late.  Other times, since it is a new mortgage lender, the mortgage loan borrower sends their mortgage payments to a different location of the mortgage lender other than the bill payment center.  On all the above examples, make sure you check your credit report and see that your mortgage lender did not report you late on your credit report.  If the mortgage lender reported you late, almost 100% of the cases, the mortgage lender will remove the late payment from your credit report due to being a brand new mortgage loan.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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