The Lender
Every month, your mortgage company or servicer has an obligation to pay the owner or investor of your home loan. When you don’t pay your loan, the note still has the obligation on your behalf. Often the mortgage company or servicer will charge fees for past-due or missed payments to make up the cost of paying the obligations.
The Borrower
Late or missed payments can have a negative effect on your credit rating, which may make it more difficult for you to get credit cards and loans in the future. You also may have to pay a higher interest rate on loans and credit cards you do get.
Your mortgage company or loan servicer has an obligation to report past due or missed payments to credit bureaus. Reports to major credit bureaus are submitted every month. When payments are made on time, this monthly reporting has the advantage of building a positive credit history. Timely payment of your mortgage has the greatest impact – positive or negative – on your credit history.
Are you a homeowner and have had some challenges with meeting your mortgage note? Before you decide to walk away to foreclosure, know there ARE options. The Grove Team is experienced in assisting homeowners in distressed situations. We have extensive training working with mortgage companies and walking homeowners through a short sale process.
Contact us direct for more information on how the Grove Team can help. Reach us direct, (817) 337-0000 or find us online, www.groveteam.com.
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