Many times in life, things happen beyond our control. The same happens with our finances all the time. Many people would love to pay their mortgage on time and never have a late mortgage payment and keep a perfect credit score, but problems can happen to anyone at anytime. Knowing how a late payment affects you and your credit rating is important.
Being just a few days late will not have any adverse affects on your credit and will usually just result in a late fee having to be paid. However once you pass the 30 day mark trouble begins. Technically mortgage companies can start foreclosure on a house as soon as you have one 30 day late mortgage payment, however this rarely happens until you are a loan few payments past due. At that point, the pre-foreclosure stage will begin and they will have hired their attorney to start foreclosure proceedings and serve you with the “lis pendens” (lien pending in English).
A thirty day late mortgage, loan, or credit card payment will drop your credit score on average 50-100 points and make refinancing with a low rate conforming mortgage very difficult for the next 24 months. So if you must be late with any bills make sure that the mortgage gets paid first before anything else. If you are late and behind on mortgage payments in South Carolina and wondering if a late mortgage payment can devastate your good credit score quickly, contact the real estate consultants and investors at Charleston SC House Buyers to see how they can help stop the foreclosure before it could get foreclosed and before you may have to file for bankruptcy. There are better options!
If you find your self with a thirty day late mortgage payment you will need to contact the lender and make arrangements to get caught up and current. Failure to do so may result in a rolling late. What this means is that you had a thirty day late payment and never made it. You basically skipped a month, so until you pay that payment and bring the account current your mortgage lender will report a late mortgage payment every month to the credit reporting agencies. This will further damage your credit and compound the problem!
If you know for sure that you are going to be late with your mortgage payment the first thing you should do is figure out if and when you will be able to catch up the payments and bills. Many mortgage lenders understand bad things happen to good people but can only work out a payment plan with you to keep you current and your good credit rating alright before they will not work with you anymore. If you are behind or believe you will be late on a mortgage payment in Charleston SC, then visit http://webuycharlestonschouses.com/ today to get a solution and put this problem behind you fast.