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we sold our house and the title company that was used did not pay off our mortgage until 30 days after the closing date? Our mortgagee company will not adjust their records even though it was the title companies error. We had never been late on any other payments. I have contact the BBB, and the title companies insurance company, but what else can we do? We have seen that both mine and my husband scores have dropped about 40 points or more. Any advice?

3 Thoughts on How would your credit score be affected if you were late on one mortgage payment because…?
  1. Reply
    July 14, 2011 at 1:39 pm

    I wouldn’t worry about it too much. You can have a comment added to your credit record that details the reason. As time goes by, that one “late payment” won’t matter much.

  2. Reply
    Beverly S
    July 14, 2011 at 2:03 pm

    Nothing you can do about your score- but make the title company give you a letter explaining their error. Hopefully they paid the extra 30 days interest that accrued? Then send a dispute to the credit bureau with a copy of the letter from the title company. One late on a mortgage payment can drop your score by 40 points easily.

  3. Reply
    July 14, 2011 at 2:49 pm

    Unfortunately, there isn’t anything you can do at this point. You should have been checking to make sure the title company paid off that mortgage in a more timely manner. I would certainly want an explanation as to why it took so long. A month’s worth of interest on a mortgage payoff could be a pretty penny.

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