Beneficial Home Mortgage
Posted on January 21, 2009
Filed Under Credit Repair, Home Mortgage, Late Payments |
What can you do if you have a late payment on a Beneficial (HFC) home mortgage? Well, the answer lies in: How late are you? And will you be able to “catch up” on your payments?
Most likely if you have a late payment on your home mortgage, you are wondering how you can get this removed from your credit report. A negative on your home mortgage is a very severe mark on your credit. Even if it is only a 30 day late with Beneficial, it could make it more difficult for you to get a home mortgage in the future.
Lenders take a look at your overall financial picture when deciding to lend you money. So, if you are late on a credit card and on nothing else, they will most likely let it slide. However, when you are late on your mortgage payment and you are applying for a new loan, this shows a history of not being to make your house payment. This is the most critical payment that lenders will look at.
So, what can you do to get your 30, 60, 0r 90 day late payment with Beneficial home mortgage removed from your credit report. Most likely, not much. If you really were late, then this has to be reported to your credit by law. However, if there have been mistakes made, then you can certainly dispute these items. (I show you how to dispute late payments in my free credit repair course).
It is also possible to get ACCURATE late payments reported, through a process called “goodwill adjustments”. This essentially means that Beneficial or whatever mortgage company you have, will through their own goodwill remove a late payment from the credit bureaus. The only time this will happen is if you also bring something to the table. You need to negotiate. This could be setting up automatic payments, or paying whatever is owned in a lump sum payment.
Beneficial home mortage (or HFC home mortgage) is willing to work with you; however, make sure that you have everything in writing, before you commit to anything!
