Your mortgage loan is a business contract in which you promise to repay the money loaned to you in a timely fashion. However, while being late or missing a payment has consequences, it does not necessarily put you in danger of losing your home. The key to getting through payment difficulties is your willingness to work with Atlantic Pearl Mortgage, LLC. to find alternative solutions.
Impact of Past Due or Missed Payments
The Lender
Every month, Atlantic Pearl Mortgage, LLC. has an obligation to pay the owner or investor of your home loan. When you don’t pay your loan, Atlantic Pearl Mortgage, LLC still has to pay this obligation on your behalf. We charge fees for past-due or missed payments to make up the cost of paying your obligations for you.
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.
Atlantic Pearl Mortgage, LLC has an obligation to report past due or missed payments to credit bureaus. Atlantic Pearl Mortgage, LLC reports to major credit bureaus 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.
Help for Past-Due Borrowers
Step one to protecting your home and your credit is to stay in touch. As soon as you know you’re going to be late with your payment, contact Atlantic Pearl Mortgage, LLC. A Customer Specialist can help minimize the negative impact and even help you get on the road to resolving your financial difficulties.
If you’re more than 60 days past due, you may be put in touch with a Home Owner Assistance Team, a member who is an expert in working out loan solutions. You may qualify for free credit counseling, job hunting assistance or assistance in selling your home.
Doing nothing guarantees the worst possible outcome – foreclosure, the loss of your home, and damaged credit, which will impact your ability to buy a home or get any kind of loan or credit card in the future.
Find a HUD Approved Counselor in your area by calling 1-800-569-4287 or visit HUD’s approved housing counselor website: here
HUD Publication 2014-5-FHA, Save Your Home: Tips to Avoid Foreclosure
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