All Posts Tagged With: "late"
Credit Scores: Why Do The Numbers Change?
Question: My credit score was 670 a month ago, now it’s 650. What happened?
Answer: Credit scores can be seen as pictures which show your credit standing at one point in time. At any other point in time the picture may be different.
Actually, it would be amazing if credit scores did not change — that would [...]
Do We Have To Make The Last Mortgage Payment When Refinancing?
The closing agent will check with your current lender prior to settlement to get a pay-off for the existing loan. If you have a payment due on the first of the month some will tell you it should be paid.
Others in the lender community argue that it’s okay to bring the last payment to closing [...]
How To Get A Successful Loan Modification (With Obama Update)
Is it possible to get a mortgage modification without being foreclosed or behind on your payments? For an increasing number of borrowers the answer is “yes” because recent changes in the mortgage industry now make loan modifications more likely than at any point since the financial meltdown began.
For much of human history mortgage lenders have [...]
Are Late Mortgage Payments Ever Okay?
Question: We have paid our mortgage several days after the due date but before the lender charges a late fee. Does this lower our credit score?
Answer: You need to look at this very carefully. A mortgage is a contract. It has certain terms and conditions. You want to honor all conditions.
In the usual case [...]
A Foul Call From Lenders
One of my lenders hasn’t called this month, and therein hangs a tale….
Long ago I happily financed an investment property with a 40-year adjustable-rate mortgage that used the 11th District Cost of Funds Index. This is not particularly a loan I would recommend for homebuyers in general, but it does have pros and cons. [...]
Will Late Bill Paying Impact A Mortgage Application?
Generally no, because credit reports largely deal with payments that are at least 30 days late.
However, be aware that being late may cause you to violate loan and credit agreements, such as mortgage contracts. While many creditors have a grace period during which late fees are not assessed, a late payment is still — well [...]
Mortgage Relief for Hurricane Gustav Victims
It’s become a kind of ritual, the word from major mortgage lenders and loan owners providing relief in the face of hurricanes, tornados, fires, earthquakes and other natural disasters.
What can impacted mortgage borrowers expect with hurricane Gustav? Looking at past practices from 2005 with Katrina, Rita and Wilma, Fannie Mae, Freddie Mac and most other [...]
Mortgage Help for Hurricane Ike Victims
It’s become a kind of ritual, the word from major mortgage lenders and loan owners providing relief in the face of hurricanes, tornados, fires, earthquakes and other natural disasters.
What can impacted mortgage borrowers expect with hurricane Gustav? Looking at past practices from 2005 with Katrina, Rita and Wilma, Fannie Mae, Freddie Mac and most other [...]
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