Hurts Credit Record

Expert, localized Los Angeles answers provided by Heather Roy

Hurts Credit Record
	Good morning - After reading the question regarding being behind on the mortgage and getting the lender to "understand" and agree to a payment plan, I need to share some experiences I have had as a Mortgage Broker. While the Lender may "understand", most often the payment history gets reported as "Rolling 30 day late".This may not be understood by the borrower who finds out, maybe years later, that they have low credit scores because of this.While this may be the only option in some cases, if the borrower understood this, they might make other arrangements to get current.

	Thanks for the information. I'm afraid it didn't occur to me that borrowers would ever ask for forbearance plans if they could find the money elsewhere.
	Edith Originally published on May 1, 2005

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