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Late on Mortage Payment...


Ravenous Wolf
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What will happen when you pass 30 days in not making your mortgage payment? That is, the payment will be made like 45 days past due but it also means that the next payment will also be 45 past due...

Other than get the mark on your credit report... And perhaps some phone calls and the letters in the mail...

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That is called a "rolling Late". A term that does not matter much unless you are refinancing. 6 of them count as one. If things are difficult for a while, and it looks like the borrower can get caught up, my opinion is that they should not "get caught up" right away, but wait another month or so to make sure that the bad times are over. WHY? because, again if the long term plans are to refinance, it counts worse to have 1 month on time/1 month late/1 month on time/1 month late. Each time there is a paid on time month and then a late, it counts as another one. Rollings are better. Of course the lender can get upset and do a lot of threating stuff. They normally don't actually go into foreclosure for a long time, normally it has to have 60 and 90's for that.

Charles

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  • 2 weeks later...

Yes, this "rolling late is better than several missed then caught up lates" was a puzzle to me for a long time. Ends up being that if you just get late and stay late for a while, it looks to them like you had a problem and fixed it. The on again and off again lates, looks to them like you are in deep trouble and much greater risk.

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