When being late on mortgage payments is getting dangerous?
Answer:Being late on mortgage payments becomes dangerous any time you approach a 90 day late. 30 and 60 days late mortgage payments do not affect your credit nearly as much as a 90 day late, especially if they are not current. A 90 day late will cause your credit to drop significantly.
What happens after being 90 days late on mortgage payments?
Your credit drops, collection records may appear on your credit report which totally messes up your score. Collections may have been passed to third party collecting agencies, or to the collections department of the lender. Whatever the case, they do damage credit rating.
If you get 90 day on mortgage payments and you don't settle these obligations, you are getting close to foreclosure. Simply, do not get so late on mortgage payments. It is difficult to get back on track.
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