Your payments will probably be reported late from the time you missed the first payment until they were caught up. So if you missed the payment due on 11/1/08 and are making payments 1 month behind, you should see continuous 30 day late payments until it is brought current. The effect on your score will vary depending on the individual. Sometimes mortgage companies do a loan modification payment plan for 6 months, which then if you meet all payments on time, will offer a more perm. loan modification. But if you miss one of those first 6 first payments, the perm. modification is not offered. Is that the same guidelines for your lender or are they different?
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
