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Home / Blog / Credit Scores / Missing 1 Mortgage Payment Affects Your Credit Score. Here’s What You Can Do.

Missing 1 Mortgage Payment Affects Your Credit Score. Here’s What You Can Do.

July 24, 2014 By Mary Catchur

Credit Score
Photo Credit: Simon Cunningham/Flickr/CC.

Missing a single mortgage payment can serious impact your credit score. But the good news is that there are things you can do to mitigate the damage.

Own Up To The Mistake

The best thing to do is to immediately contact the lender and admit that the payment was missed. For the most part, mortgage lenders are sympathetic to the fact that people miss payments for reasons that may be beyond their control.

By calling the lender immediately, it’s easier to make arrangements to roll that payment back into the mortgage or take other steps to decrease the odds of a negative remark being made on a credit report.

Don’t Let A Single Missed Payment Turn Into Multiple Missed Payments

While a single missed payment can hurt a credit score, it is important to not compound the mistake by missing more payments. If possible, make up for the late payment before the next payment is due.

But at the very least, try not to be late on any subsequent payments.

If you can’t make the missed payment before the next payment is due, it’s generally better to make the most current payment on time and make the late payment the secondary priority.

Hire A Third-Party To Negotiate A Loan Modification

There are numerous benefits in hiring a professional to help with negotiating a modification to a mortgage. When a borrower hires a credit counselor or a bankruptcy attorney to talk his or her creditors, the negotiations can stay professional and on topic.

In most cases, a lender will be willing to make modifications for those who need them because it is better to get the money from the borrower willingly, rather than going through a foreclosure.

While a missed mortgage payment can be bad news for a credit score, it is possible to make amends for the missed payment while minimizing long-term damage to a borrower’s credit score. By owning the mistake, staying current on all future payments, and working with a third-party to negotiate a loan modification, you may be able to mitigate the damage to your credit rating.

Editor's Note: This syndicated content is edited by Marimark Mortgage before we distribute it, to better inform our readers.

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Filed Under: Credit Scores Tagged With: Credit Rating, Credit Score

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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