This would show on your credit bureau as a non R1 or non I1. It depends on how it is presented to a lender. Lender looks at overall strength of the application and not on one incidence.

Hello Anon Hello Cosmo, there is a 14 day rule in the industry that almost all lenders adhere to. If the payment is late but arrives within 14 days of the due date no record of that missed payment is recorded. However if the payment is late past 14 days there is a record kept on file which never disappears. This can be a problem if in the future you are looking to refinance with that lender and they find out there are many lates on their file. They may just decide that they are not going to take a risk. The good news is that mortgages in Canada are not reflected on your credit bureau so if there is a problem another lender will not have access to this info and your approval will be based on your credit bureau instead. One thing to remember that banks will send the file to their legal department if a payment is not made after 60-90 days. Any legal costs the bank incurs (even if you bring the mortgage up to date) will most likely be forwarded on to you. Call the bank today and make sure they know of the situation, they may be able to help with programs like skip a payment, or extending your amortization to lower your payments. If you or any reader would like more information please do not hesitate to give me a call at any time. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 - http://www.centum.ca/abraham_niyazi/ I have access to many Banks/Lenders across Canada and have 11 years experience in the industry.

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Ok, i am catching up my bills after christmas and a brief layoff. i can either pay my mortgage payment which is 1 big bill, or wait 2 more weeks for that and pay my car payment, cable bill, and like 4 credit card bills. which is the better option?

If you really want to stay in your home pay your mortgage first, always pay it first. On the other hand when you pay your credit cards late, not only will it give you a ding on your credit for bad credit, but I might raise you interest rate to the default rate which could be 29% to 35% + depending on your card. Plus all the late fees attached, as for you car, well you know, late fee plus accrued interest. Why don't you call your car and credit cards and ask them if they can deffer a payment for you that way you are not late, but ask them how will that affect your balance, you can also ask them if possible to change your due date for up to 30 days from your current due date, that will give you extra time. Your utility bills can probably wait one month without any major changes besides the late fee you will get. I know its tough, we are in your shoes as well, I just keep juggling until things start to look up, stay positive and keep in mind it gets worst before it gets better, it's all temporary, best wishes!

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I am struggling for a few months-but not sure how far out youcan be on your mortgage before they start foreslosure

I couldn't give you a straight answer to what would be worse, but I know I'd rather lose my car first--I owe more on my house than I would ever owe for one car. But if you're only one month late, you've still got quite a while before you'll end up in foreclosure; a few months for sure, especially if you at least make payment arrangements with them. I can always find other means of transportation; it's not so easy to find another place to live.

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I have 1 30 day late payment on my mortgage because my payment got bounced due to incorrect account number given by phone and i didnt' realize this until after 30days, which by then they had reported it to the credit bureaus. overall i have excelent payment history, i own 2 homes, 2 cars, 4 credit cards. all my creidt cards have 0 balances except for 1 which has a 80% balance.

depending on everything else, it could mean about 30 points

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Please serious answers. i have to make up a late mortgage payment or risk losing my home i have had for 8 years; i work a job until 7 pm and could work for a month or two from 8pm to 2 am and still get enough sleep; does anyone have a suggestion as to what kind of job i could apply for part time to earn the $1600 i need. thank you so much. this one late payment was due to an auto accident that destroyed my car and broke my leg; and the woman who hit me didn't have insurance. i am just devastated because my budget is very very tight with costs rising as fast as they are. i have already discontinued my cable tv, have not used my gas appliances or any electricity except what i absolutely need; in addition, i discontinued my phone service and cell phone for 3 months; just to save money. so am doing everything i know how to do. please i need help solving this dilemna. actually, i do not have "too much house" until the accident that caused so much havoc, i had 8 years of having no problems with my mortgage. the last years dramatic rise in cost of fuel; and cost of food; etc. has eaten away at my savings; and then the accident. a heloc is not an option.

First thing to do is contact lender and explain situation, most lender will try and work something out (they don't need empty houses and lost revenue). As for finding jobs, try temp agencies or fast food. Will need a phone for job hunting, so change to cheapest plan and only use for work.

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I have paid off all my debt and obviously grew up and presently have nothing bad to show. my car is onits way out and i need a newer car not a new one a used one with low miles i dont even care what it is. i went to the dealership after running my credit they said no i would need a co-signer. i don't have a co-signer. whats the chances that the bank i currently have 3 accounts in would approve a loan for me. i have had a steady job for almost 2 years and make good money.

Although i can't look at your credit and give you precise info. A good way to go is your local credit union, they typically are a little forgiving and have good rates. You can find your local on by checking out this site: http://www.creditunion.coop/cu_locator/index.html good luck

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I have to write a letter to the bank for my mortgage on why i had late payments. i've had a few. 2 for a car payment in 2005, a couple for capital one and a couple for old navy. what do i say on why i was late? can i use the same excuse or should i use different ones? how should it be worded? help!!!

lenders only care about the last 12 months. if all were in the same month use the same if different use different I am a mortgage banker in Tn & ; KY

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My husband applied for a home loan & was pre-approved. by the time we found the house, the letter had expired. we made an offer, but when the mortgage company ran his credit again, it showed his late payment on the car. now they say that unless we get it removed-they can't help us. what i don't get is when he applied the first time, his score was 601. the broker said he had to keep it above 600 for a loan. now it's 617 & they can't help. going crazy! we would try to wait a little while but we can't! we live in a 2 bedroom apt. with a 6 yr old girl & 1yr old boy sharing a tiny room. getting cramped! my husband says moving stinks & we'll only move into our own house, not another apartment. help!! any suggestions on any of our problems would help!!!

They are being picky. Go find another lender or a mortgage broker. You should be able to get a loan.

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I have to make a choice. my mortgage was due on first not charged late fees until 16th-but can't pay both car and mortgage. do morgage co's report you as late if your are 20 days out??

If you will have the means to pay the mortgage in 9 days PAY THE CAR NOTE 1st! you can only be reported if your payment is 30 days late. Once it's reported, it's there for 7yrs. If you have to make a choice of the 2 evils and both will be 30 days late pay the one that is the most. If you only addtnl time to pay the mortg. (9dys), pay the car today and mortg in 9 days and nothing can be reported.

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Serious question - person wants to get mortgage, questionable credit (late on car payments, utilities shut off, etc), will have roughly $40k to put down on $175k property; work history is only 5 months long; expecting they can get approval based on child support, which has not happened as don't have custody yet. i'd think given the mortgage melt down this person will have very difficult time, no?

You might be surprised . . . People are having difficulty getting high home loans like 500,000 & up due to the recent inflation of real estate value. I think that this person having 25% of the loan amount should be able to go and get a conventional loan which should give them a lower rate (of course credit is always a consideration.) 5 months experience isn't great but if they can show that they have a work history some lenders will work with you. They will probably have to write letters explaining why they were late on their payments. Hey, sometimes people fall on hard times. Difficult yes but not impossible . . .

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My credit is trashed as it is, so rule that out. i am late 23 days on the mortgage, but only 12 days behind on my car loan. the lender with the car loan is capital one auto finance. if i pay the mortgage late, it will show up on my credit report, which is trashed, but if i could salvage anything it would be a late mortgage payment. i dont want the car repossessed though, it would seriously destroy my life, no means to get to work, etc.

Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.fateback.com