Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
Re: What is risk of one more late mortgage pmt after 7mo's no payment?


Per FICO scoring, if you are behind 7 months, then possibly you'd have a 30-day late showing, then a 60, 90, 120, and maybe 2-3-4 CO references tossed in there. Adding one more late will not really impact your FICO score if a major baddie updated in the previous month with a major late. Now if the 2nd was mis-reporting in your favor and had not updated with these lates like they should, then adding a major late would drop your scores significantly. But if reporting as they should, then no significant impact if you delay by another month.


In the end you have to ask yourself if FICO is more important than the $$$ saved. Only you can make that call.