Affects Of Mortgage Lates On Your Credit Score

By
Mortgage and Lending with Carlsbad CA Mortgage Banker, Mann Mortgage NMLS#284800

As a mortgage professional, I am frequently asked about the effects of mortgage lates and foreclosure on credit scores.  CNN.com has a pretty good article regarding this.

Per Fair Isaac, your credit score will take an average hit of 40-110 points for a 30-day mortgage late payment, 70-135 point hit for a 90-day mortgage late, 85-160 point hit for a foreclosure, short sale, or died-in-lieu, and a 130-240 point hit for a bankruptcy.

Pretty scary stuff, especially if you have other derogatory accounts, but good to know.

Posted by

 Kevin Kueneke, NMLS # 284800
San Diego County Mortgage Specialist
FHA Mortgage Loan Specialist/VA Mortgage Loan Specialist
Direct Lender, Mortgage Banker
Phone 760-500-1919 | Fax 619-419-2324

Visit My Website: kevinkloans.org

Mann Mortgage, LLC | NMLS #2550
12264 El Camino Real Suite 207| San Diego CA 92130

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primary residential mortgage
credit scores
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Rainmaker
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Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lending laws change so often, it is difficult to keep up.     I leave all those questions up to my loan officer!

Apr 23, 2010 07:33 PM #1
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Parag

Consumers who have good credit ratings will generally be offered the best interest rates. They will also have more buying power when it comes to finding the best card that suits their needs.

htpt://www.financemetrics.com

Jan 13, 2011 04:24 AM #2
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Kevin Kueneke

San Diego Mortgage Banker
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