If you miss just one or two mortgage payments the bank will not take your property. Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

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We missed a mortgage payment for the month of december due to a mistake in entering the account number on the online bill pay. but i talked to the bank, so now everything is okay. we're all okay caught up for both december and january. but they did tell me that since we missed december they sent in a report to the credit bureaus. i need to know because we are going to refinance possibly mid february. so how much of an effect will this have on my credit rating/score? how long will it stay on there? will we be able to refinance with a low rate? i also had my younger brother check his credit report because his name is also on the mortgage. he has access to experian and he says there aren't any inquiries made or points taken out.

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments. - creditreport.imess.net

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I am 19 me and me girlfriend are going to get married and we want to get a house we both work full time i make about about 15000 and she makes 25000 annually we also want her mom to move in who gets around 12000 a year and with help with the mortgage. my girlfriend has bad credit because of not having medical insurance so has medical bills and the city she lived in left her utilities on in old addresses for years 6 in one location so she has thousands owed to utilities and her mom is in the same boat. i currently am also a full time college student i work very hard as does my girlfriend and i want us to be able to get a house. on paper i make so little but i only have good credit with my car payment which has been paid on time for the 10 month lifespan of the loan which is 2 years (totaling $2500) although i am saving up and will have it paid off by february though and the only other thing on my credit is my student loans ( totaling $8250)which i am also in good standing with, i know all of this because i checked my credit report but not my credit score because it costs money and i don't have a credit card also though i have applied for a discover card and was declined the only other checks on my credit were twice when i was looking for a car and my bank twice trying to get credit over draft protection and my car loan a have a co-signer. i am no longer living with my parent but the rent isn't in my name all the bills are though but only since july this year. the house market where i live we could get a nice house for about 50,000 we wouldn't be able to make a big down payment but want to take out only a ten year loan and could afford an interest rate up to 9%. we have heard the are going to extend the 8,000 first time home buyer tax return till april next year which would be nice for paying off the home early but we would definitely like be in a home before next summer and 8k would be nice too but what things i should do to try to get this accomplished. would getting a credit card with an annual fee and always paying the balance be a good idea because i thought the cards you have to pay to have are a scam or didn't report to the credit bureaus; and how do i get pre-approve and would this be a good idea at this point or would it be a waist of my time and make my score worse?

Try http://www.esuperfind.com/lowermybills.phpp?id=hra0tt16koo9 the actual lending firm is an Experian company BBB approved so very safe.

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I just got approved for a fha mortgage for 200000 and i will have to put 7000 down for my down payment, my only problem is i have on my credit report and account in bad standing for 7700 that they are requiring that i resolved before i can get the mortgage, this is and old debt that is over 4 years old that my previous landlord submitted to a credit collection center in my city, that he thought that we did damage to his apt, which we feel we didn't, he was a slum lord, and he never did get a court judgment regarding this, now the status of limitions has ran out, i live in calif, and this is suppose to come off of my credit report in 052010, well bottom line i don't want to pay this, the bank where im getting the loan, saids that as long as i have a payment plan with them, then i can get the mortgage, i feel that what my previous landlord says i owe is wrong, and i also have tried verifying with the credit bureaus and it comes back as verified on my credit record, i really don't want to pay this, i might be willing to pay up to 2000 for an settlement, for them to say its paid in full, is there anything else i can do to try to get this off of my credit report, because i really don't want to wait until 2010 to try to get a house, then the prices in my area may go up, then i really wouldn't be able to get a loan, i have about 15000 that i can borrow against my 401 k for my mortgage, do you have any suggestions? thanks and no i really dont feel i owe this money, and i shouldnt have to pay it, it was never proven in a court of law, its my oldland lord word against mine.

You have 3 options... 1) Pay off the 7K that shows up on your report 2) Sue your former landlord and hope a judge agrees with you. If the judge agrees you don't owe it, then great, the collections company will have to remove the item from your credit report 3) Do as they suggested and set up a payment plan with your former landlord. See, what you SHOULD have done is dispute this a few YEARS ago when you were informed this would be an issue. I'm sure the collections company has tried to notify you of this debt and you quite frankly, wished it away. It doesn't work that way whether you are in the right or the wrong. You should have sued your former landlord and collection agency in a court of law to produce evidence of the damage. My guess is they would have been able to produce proof of your damage. Please remember, 7K in damage is not LIGHT damage. You said you do not "feel" as if you did the damage. This is not what an innocent person says... "feel" means you're leaving it up to interpretation. If you didn't cause the damage, then you'd say "we did NOT damage the place" so I tend to believe that maybe this debt is really yours, but of course, i could be TOTALLY wrong on that. BTW, there is no statute of limitations on them collecting from you and attempting to sue you for the damages. However, there IS a statute of limitations for it to remain on your credit report which is 7 years from the default date.

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A letter comes in the mail certified that i signed for. i have no idea what it means. dear mortgagor, this letter serves as notice that pursuant to investor approval, pnc bank has been authorized to discontinue collection and foreclosure activity with respect to the property located at:xxx xxx xxx xxxx. this means that we will no longer carry your loan on our books as an active account. this decision is a result of our loan review and: 1. your delinquency and your failure to enter into a satisfactory repayment agreement with us to cure the delinquency or payoff the loan. 2. the lack of collateral value this does not release you from your obligation to payoff your loan, we may however release our lien against the property if the forst mortgage/lien holder has taken the property to foreclosure sale. the following is a report of your account balance as of february 3, 2010 - $98,437.11 pnc will no longer be responsible for maintaining and active account relationship. the following is a report of your account status at time of write-off: non-escrow account - national city mortgage co. has not been responsible for an escrow impound account at the time of write-off. pnc will report this decision to the credit bureau as a code 97 (unpaid balance reported as a loss by credit grantor). you may resolve this issue by contacting pnc to arrange payment in full. if you need to discuss alternatives, please contact pnc at xxx-xxx-xxxx what does this mean??? what are they doing exactly with our loan? are we in collections?? if we eventually sell this money pit what will happen with the $76k we owe?? i am in illinois if that matters

It's a charge off, they are no longer going to try to collect it from you, however, they may sell it to a collection agency, it will destroy your credit showing as a 98K unpaid charge off. You won't be able to buy a stick of gum on credit with this on there. If you decide to sell it, they will most certainly try to collect but if the first lien holder takes it to foreclosure, they will release the lien against it. In other words, they will never allow you to sell it and make a penny as long as you owe them.

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Just wondering...would make me feel better to know that we aren't the only ones. won't tell the whole long sordid story, but they have really screwed up our account and taken our credit right down the drain. we had a loan modification agreement with them within the past few months and, per the agreement, there was 3 months that we didn't have to pay. we were not told that, even though that is the agreement that we signed, those 3 months were reported as delinquent to the credit bureaus, and once we started making our monthly payments again, that money goes into a "holding account" (still reported as delinquent) until the account is updated...which may take 6 months. not that our credit was squeaky clean to begin with, but we could get a credit card or car loan if we wanted. now we can't get anything!! well's fargo wont even send a letter to say that we are current so that the bank will give us a car loan. there are way many more mistakes, that is just the tip of the iceberg. also, when i called to make my may payment, they said i had already made it. when i assured them that i didn't (unless someone set up unauthorized auto withdrawal) they said that they had received a check from me (don't write checks) the previous day and had the money there. they said i should just wait to see if it comes out of my account. it never did and they are still insisting that i paid, but now saying i'm $100 short. a supervisor is looking into our account (yeah right) and has told us that it is so messed up that it will take a while. anyone else had these kind of problems with them? what did you do to resolve it? we are considering hiring an attorney. thanks for any advice.

They tried with me too. I switched checking accounts and now I take it to them in person. Haven't had a problem since.

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We missed a mortgage payment for the month of december due to a mistake in entering the account number on the online bill pay. but i talked to the bank, so now everything is okay. we're all okay caught up for both december and january. but they did tell me that since we missed december they sent in a report to the credit bureaus. i need to know because we are going to refinance possibly mid february. so how much of an effect will this have on my credit rating/score? how long will it stay on there? will we be able to refinance with a low rate? i also had my younger brother check his credit report because his name is also on the mortgage. he has access to experian and he says there aren't any inquiries made or points taken out. i don't know if we will refinance with our old bank. we're just trying to get lower payments with any bank out there.

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments. - creditreport.imess.net