Late on mortgage, what are my options?

[Charles]

I will not be able to make my mortgage payment on time this month. I should have no problem paying it after I receive some money i've been waiting for. My mortgage company is Countrywide Financial. What will happen if I go ovver 30 days late paying them? Also, can someone tell me how much my credit score will go down because of the late payment? This is a great forum, thanks.....

[Mike Lopez]

Once a 30 day late is reported, your score can suffer as much as 100 points. The best thing to do is contact the lender and ask for a deferment of that payment, which essentially puts it at the end of the loan, but prevents the negative reporting. There is usually a small fee, but what you will save on your credit, it is definitely worth it.

[Charles]

Thank you Loan Expert, I called countrywide financial and they were kinda rude but they did grant me a deferrment. The credit reporting is something they cant do anything about and said as soon as my mortgage payment goes over 30 days (ever if deferred) it's automatically reported to the credit report agencies. I appreciate you advice.