Missing a mortgage payment can be detrimental to your credit score. Missing more than three mortgage payments can result in foreclosure proceedings. Also, your lender may demand the total due, including the missed payment and the current payment, be paid all at once.
Time Frame
A missed mortgage payment occurs when a payment is more than 30 days late. If possible, try to make a payment before it becomes 30 days past the due date in order to prevent negative information from showing up on your credit report.
Significance
Mortgage payment history affects your credit score more than other accounts such as car payments or credit card payments, according to the Broker Outpost. Therefore, it is always best to pay your mortgage on time and let another bill be late instead. A late mortgage payment may drop your credit score by 50 to 100 points, Bad Credit Advisor asserts. One late payment does not drop your score by quite as much, Mortgage Q n A argues, but once a payment becomes 120 days late, the score drops significantly.
Considerations
If you know you cannot make a payment before the 30-day time limit, contact your mortgage lender. They may be willing to work out a solution so the late payment does not show up on your credit report, which will prevent the missed payment from affecting your credit score.
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