Affects Of Late Payments - The affect of late payments will always show on your credit report and will almost always drop your credit score if you are more then 30 days late. The main affect of late payments is the affect it has on your ability to refinance your mortgage. If you have a 30 day late payment you will no longer qualify for a conforming mortgage and you will have to refinance through a sub prime or Alt-A lender.

 

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