EDS MORTGAGE

Expert Dedicated Service • Buena Park, CA

Looking For Something?

  • Home
  • About
    • About Us
    • Mission Statement
    • Privacy Policy
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Online Forms
    • PDF Application
    • PDF Application – EspaƱol
    • Appraisal/Credit Report Credit Card Charge Authorization
    • Borrower Certification & Authorization
    • Credit Report Authorization
  • Apply Now
  • Reviews
    • My Reviews
    • Write a Review
  • Contact Us

July 24, 2014 by support

Can One Missed Mortgage Payment Affect Your Credit Rating? Yes! Here’s What to Do if You Miss One

Can One Missed Mortgage Payment Affect Your Credit Rating? Yes! Here's What to Do if You Miss OneMost 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?

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.

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.

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.

Spread the Love!

support

Avatar

Filed Under: Home Mortgage Tips Tagged With: Credit Rating, Mortgage Financing, Mortgage Loan Information

Contact Us

celia
CELIA C COHEN
celiacohen@aol.com
Phone: (562) 884-5952
Office: (562) 210-8629
Company NMLS#: 1751542 • Personal NMLS#: 1567974
DRE#: 01057793

APPLY TODAY  
GET A RATE QUOTE  

Connect with Us

How can we help?

  • This field is for validation purposes and should be left unchanged.

Categories

Recent Posts

  • NAHB: Home Builder Confidence Ticks Up in April
  • It’s Almost Spring Cleaning Time! Kick Clutter To The Curb With These Home Cleaning Tips
  • 3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster
  • Boosting Your Credit Score To Qualify For Better Rates
Equal Housing Lender

Archives

Location


5811 BEACH BLVD
BUENA PARK, CA, 90621

Copyright © 2021 · Generate Pro on Genesis Framework · WordPress · Log in