30 day late vs 60 day late

[Bfent1]

I have two mortgages, one that is about to be 60 days late and I haven't made a payment on it yet. The other has never been late, I'm in a small jam where I can only make one of those payments this month. Do I let one become 60 days late or do I pay it and let the other one become 30 days late and try to get the 30 day removed in the near future? Please help!

[fishbjc]

I'd rather have 2 30 day lates than a 60 day anytime!  30 days hurt for one year and the 60 day for two years...ouch

You should call the mtg company to see if they can work with you on one payment.

[Anonymous]

do 90 days hurt for 3 years and 120 days hurt for 4 years?

jask

[KingAdrock]

Agreed, 2 30-day lates are better than a 60. As far as the unpaid loan goes, call your lender call your lender call your lender! If they can't get a timely payment, I'm sure they'd rather have an explanation than nothing at all. You might be able to work something out.

[fishbjc]

I had an issue with Chase on our mortgage.  I called, explained about dh's check...blah blah blah.

It has NEVER shown as a 30 day late.  They were very accommodating.

[fused]

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jask wrote:
do 90 days hurt for 3 years and 120 days hurt for 4 years?

jask

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90-day lates and up are categorized as a serious derogatory and they can be just as damaging as a CO, collection or public record. As for scoring, 90-day lates and up do their most damage during the first two years. After two years, they will have less of a negative affect to scores as each year passes.

[Junejer]

That's tough, b/c you don't want to have a 60 on one account, nor do you want a 30 on two accounts. I would alert the mtg cos. ASAP and give them a head's up. Perhaps they can forebear the payment or something. Make sure that you speak with someone who can "help" you...not just the CSR.