Saskatoon Mortgage Broker shares article on what happens to your credit rating when you miss a Mortgage payment

What happens to your credit rating when you miss a mortgage payment

Richard Moxley, The Globe and Mail, July 20 2015

Your mortgage payment doesn’t always show up on your credit report, but if you are late on multiple payments, it could affect the interest rate you’re offered from the bank when your mortgage comes up for renewal again.

If you miss three consecutive payments or more in a row, it will lead to foreclosure proceedings, which is when the bank or lender starts the process of legally taking ownership of your property due to the lack of payments. Banks or lenders don’t want to own your home, but if the lender isn’t getting paid, it will try and sell the property in order to reduce its losses. Foreclosure shows up under the public record portion of your credit report.

To read full article please click here.

No comments yet.

Add your Comment