Making payments on time is one of the best ways to keep or improve good credit. Late payments will stay on your credit history for up to two years, but like all negative information, it will affect your score less as time marches on. Learn more here about late payments mean to your finances.
Many homeowners who struggle to make payments don't realize by calling their mortgage lender they may be able to avoid the foreclosure process. Contact HUD or your lender to learn about the foreclosure process and what you can do to avoid foreclosure if you can't make the payments. You may be able to avert the foreclosure process altogether if you speak with your mortgage lender and explain why you missed your mortgage payment.
If you're having trouble paying your mortgage, go straight to your mortgage lender or another expert to ask questions about foreclosure. Foreclosure questions are not for family and friends, who may not know the answer to what happens when you can't pay your mortgage. Your mortgage lender will be able to answer any questions you have about foreclosure and to talk to you about how to afford your mortgage payments.
An owner financed mortgage is not working for this home buyer. Ilyce suggests that this ThinkGlink reader work with a real estate attorney to understand her current mortgage and then refinance from a conventional lender.
If you're one of the dozens of folks who have written to me over the past few weeks talking about how you've either missed a mortgage payment or are i...
When you've bought a home and you owe more that the home value it may become difficult to make mortgage payments. Instead of falling behind on your mortgage payments you may want to contact your mortgage lender to set up a short sale. Be aware that when you sell your home through a short sale the IRS will treat the difference between the sale amount and what you originally owed the lender "phantom income."
A woman diagnosed with breast cancel neglects to pay some of her bills. Even during illness or hardship, yo uare responsible for paying your bills on time. Think about setting up automatic payments to make sure they're on time. If your late bills have already been reported, work with the creditors to create a payment plan or your credit score will suffer.
A homeowner who is delinquent on payments wants to know if it's better to refinance or get a home equity loan on the home. If you are late on any of your bills, you may have trouble borrowing money at a reasonable price. Talking with a lender can help make sure the homeowner gets back on on-time payments with the refinance or home equity loan.
What happens if you quit claimed the deed for your home to an ex, but did not refinance the loan? Even though you quit claimed the home to your ex, your name is still on the mortgage. If they are late on payments your credit rating will be ruined. Ilyce explains how your credit rating will remain bad until the mortgage is put in the name of your ex.