Posted on: 28th Oct, 2008 04:56 pm
How will a notice of delinquency affect your credit?
Hi Sprisock ...and welcome to Mortgagefit!
Please tell us what the notice of delinquency is for?
Is it to show a 30day late on a credit card? auto loan? mortgage?
It will also depend on your previous score
thank you
Robert
Please tell us what the notice of delinquency is for?
Is it to show a 30day late on a credit card? auto loan? mortgage?
It will also depend on your previous score
thank you
Robert
It is for a mortgage. Just wonder how bad is a notice of delinquency when it hits your credit? My credit score is(was) around 750. Also, how bad is a foreclosure and how long is it on your credit report.
Thanks,
Thanks,
With the late payments...and the Foreclosure...you're looking at 150-200 points at least.
Make sure to stay on time with your other accounts so you can start rebuilding your credit
Make sure to stay on time with your other accounts so you can start rebuilding your credit
Hi Sprisock!
Repeated delinquencies and public record entries can lower your score and will also cause a negative credit rating in your credit report. As far as foreclosure is concerned, it may lower your credit by around 200 points.
Feel free to ask if you have further queries.
Sussane
Repeated delinquencies and public record entries can lower your score and will also cause a negative credit rating in your credit report. As far as foreclosure is concerned, it may lower your credit by around 200 points.
Feel free to ask if you have further queries.
Sussane
Sprisock,
Try loan modification or short-selling before destroying your credit, and suffering through a foreclosure. Good Luck!
Try loan modification or short-selling before destroying your credit, and suffering through a foreclosure. Good Luck!
Hi everyone,
My parents bought a home 3 yrs ago, and I am a co-borrower for that loan. I lived with them at the time, but now I am married and I moved to a different town. They have been paying on time, but now they want to modify the mortgage loan; however, to get this done, they will need to get behind in payments. I want to buy a house, but my guess is that if they get behind in payments, it will lower my credit score, and probably will affect my ability to buy a house. How terrible is for my credit to have a delinquency in that mortgage?? by the way, my name will be removed from the loan once it is modified. Thank you!!!!!!!
My parents bought a home 3 yrs ago, and I am a co-borrower for that loan. I lived with them at the time, but now I am married and I moved to a different town. They have been paying on time, but now they want to modify the mortgage loan; however, to get this done, they will need to get behind in payments. I want to buy a house, but my guess is that if they get behind in payments, it will lower my credit score, and probably will affect my ability to buy a house. How terrible is for my credit to have a delinquency in that mortgage?? by the way, my name will be removed from the loan once it is modified. Thank you!!!!!!!
hi sandra,
do you want to modify the loan or refinance it? if your parents go for a loan modification, then i don't think your name will be removed from the mortgage. however, if your parents refinance the mortgage at a lower rate in their names, then your name can be removed from the mortgage docs.
as your parents are current on the mortgage payments, i would suggest you to ask your parents to refinance the mortgage rather than modifying the loan.
thanks
do you want to modify the loan or refinance it? if your parents go for a loan modification, then i don't think your name will be removed from the mortgage. however, if your parents refinance the mortgage at a lower rate in their names, then your name can be removed from the mortgage docs.
as your parents are current on the mortgage payments, i would suggest you to ask your parents to refinance the mortgage rather than modifying the loan.
thanks
sandra, you are going to need to find out specifically what the lender has in mind. if the modification is, in essence, a refinance (how else is your name being taken off?), then you really won't have a worry, in my estimation.
are your parents being encouraged to fall behind in order to make this modification work? that's a possibility, i suppose, but not a smart thing, and i would have to think it's not at all necessary. in any event, if they do fall behind, that can hinder you.
are your parents being encouraged to fall behind in order to make this modification work? that's a possibility, i suppose, but not a smart thing, and i would have to think it's not at all necessary. in any event, if they do fall behind, that can hinder you.
