Will Mortgage late actually be reported to Credit Bureaus...

[Camps42]

Hey All,

I'm curious as to whether anyone has had this happen to them, or what your opinions would be on this matter. 

I paid my mortgage online, on the 29th of this past month to avoid a 30 day late. By doing this, the money wasn't actually attempted to come out of my Bank account until April 1st. Unfortunately, I forgot about another check I had outstanding, and the other check came out of my account on the 31st, and when my mortgage payment attempted to come out of my bank account, there were inssuficient funds, and the payment was returned. 

I was watching my bank account, and mortgage account for the past 2 days hoping that they would try to recprocess the payment, without it actually being "returned," as I put enough money into my account to cover the payment the day after the payment was returned.

Nothing happened until today, when the mortgage company called to say the payment was returned. I made a payment over the phone, and now the account is current. The rep I was speaking with said that this would now be reported as a 30 day late, and there was nothing he could do about it. 

My question is, does anyone know if this will actually be reported, or if anyone has been in a similar situation? Basically, they were only showing my account as being 30 days late for approximately 6 hours today. The past few days, they stil showed the payment as being made, as it had not been returned; until this morning.

Thanks for any input!

[09Lexie]

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@Camps42 wrote:

Hey All,

I'm curious as to whether anyone has had this happen to them, or what your opinions would be on this matter. 

I paid my mortgage online, on the 29th of this past month to avoid a 30 day late. By doing this, the money wasn't actually attempted to come out of my Bank account until April 1st. Unfortunately, I forgot about another check I had outstanding, and the other check came out of my account on the 31st, and when my mortgage payment attempted to come out of my bank account, there were inssuficient funds, and the payment was returned. 

I was watching my bank account, and mortgage account for the past 2 days hoping that they would try to recprocess the payment, without it actually being "returned," as I put enough money into my account to cover the payment the day after the payment was returned.

Nothing happened until today, when the mortgage company called to say the payment was returned. I made a payment over the phone, and now the account is current. The rep I was speaking with said that this would now be reported as a 30 day late, and there was nothing he could do about it. 

My question is, does anyone know if this will actually be reported, or if anyone has been in a similar situation? Basically, they were only showing my account as being 30 days late for approximately 6 hours today. The past few days, they stil showed the payment as being made, as it had not been returned; until this morning.

Thanks for any input!

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If the payment was made today or any day after thirty days it is considered late.  I would try calling again and beg for an exception to be made; if you are good customer they may be receptive.  However, if you've been dragging your payment to the last day or two of the month you may not get a sympathetic ear. 

[takeshi74]

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@Camps42 wrote:

My question is, does anyone know if this will actually be reported

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How would we know?  There's not even a mention of the mortgage lender in your OP and they're not all identical.  I'd recommend assuming that it will report but you can confirm by checking on it.

[nursing38]

I am going through this same issue. I paid mortgage on the 30th day. however due to weather funds were delayed and cause my mortgage to be returned. I immediately put funds in back to cover mortgage as well. I continued to monitor account until the 5th day I call mortgage company  and resubmitted payment and the representative assured me it would not be reported as a late payment. I explained I was in the process of closing on another home and i was told it would not be reported. Lord behold a week before closing it shows up. currently in the process of disputing but I 'm going to loose my earnest money, inspection fees , apprasial fees , etc. I have called and explained and asked to remove late payment. I have ask for an extension with seller twice. However , representative was not very polite and bluntly said no. I have seven day before closing what do I do?

[RobertEG]

Paying late does not make the delinquency reportable to the CRA until the delinquency is 30 days or more.

The CRA reporting manual is very clear, with specific examples.

If a payment is not made by the billing due date, it is delinquent under the account agreement, but is not reportable as a 30-late for credit reporting purposes until at least 30 days past the billing due date.

You have 30 days once an account becomes delinquent under your account agreement in which to pay to prevent reporting as a 30-day late.

If they are reporting a simple delinquency in payment as a 30-late that was paid within 30-days after the billing due date, that is misreporting.

I would file a dispute of its accuracy with the CRA.  They kinda know their own reporting requirements.

[nursing38]

ROBERTeg so if my payment is due on the 1st of each month and payment was made on the 30th and It was returned as insufficient funds. I immediately made payment on 5th of next month and they received funds on 10th. Should this have been reported to credit bureau or not as 30 day late. ? I'm trying to understand what you responded to previously. Closing date is less than a week and still disputing. Should I bother for an extension or loose my money

[09Lexie]

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@nursing38 wrote:
ROBERTeg so if my payment is due on the 1st of each month and payment was made on the 30th and It was returned as insufficient funds. I immediately made payment on 5th of next month and they received funds on 10th. Should this have been reported to credit bureau or not as 30 day late. ? I'm trying to understand what you responded to previously. Closing date is less than a week and still disputing. Should I bother for an extension or loose my money

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Based on your dates, the payment was made good after the 30 day deadline.  In this case, the delinquency is reporting correctly.  I would suggest contacting your mortgage company and ask for a GW adjustment based on your pyt history and the conversation you had with their CSR. 

Good luck