What do lenders do when a mortgage payment is missed?

Answer When you miss a mortgage payment, several things must happen before you are forced out of your home. There are many chances during this process to get up to speed on your mortgage, so that one miss... Read More »

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What will happen to my credit if one mortgage payment is missed?

On One Hand: Missed Payments Directly Affect ScoreMissing just one mortgage loan payment can severely damage your credit score. Missing a payment is one step worse than making a late payment; the f... Read More »

How much damage does a missed mortgage payment effect a credit rating?

A single missed mortgage payment will show up on your credit score, but the real damage is done if missed payments lead to foreclosure--which is to be avoided at all costs.Missed Mortgage PaymentA ... Read More »

Who governs mortgage lenders?

The Office of the Comptroller of the Currency oversees national mortgage lenders. These include the major national banks such as Bank of America. The Federal Reserve System governs mortgage lenders... Read More »

What are Fannie Mae mortgage lenders?

The Federal National Mortgage Association, often referred to as "Fannie Mae," is a government-sponsored stockholder-owned corporation founded by Congress in 1938 to purchase mortgages in the second... Read More »