I am 60 days pastdue on my mortgage can i refinance - You can refinance however you will receive higher interest rates. You can ask your lender for a forbearance agreement which will allow you to postpone or suspend payments so that you can catch up on mortgage payments.

The short answer is yes. Even being up to 120 days down you can still refinance. It comes down to equity.

There are specific lenders that can be matched to this type of situation. Typically called "sub-prime" lenders, they have a multitude of options available to you that can get you on track. Although the interest rates are somewhat higher depending on the lender and your specific situation, these loans are built to get you through until the mortgage lates drop off, allowing you to repair your credit and get back on track with a great loan and an excellent interest rate.

You can usually refinance no matter how good or bad your credit is, no matter how far behind you are on your mortgage. The type of financing though that you may qualify for with a poor mortgage history will probably be less than favorable. Along with a bad mortgage history come higher interest rates. The worse your mortgage history, the higher the interest rate you will be charged. If you do not qualify for a conforming loan or a sub-prime loan you may qualify for a hard money loan.

Lenders only look at the last 12 months of mortgage history. If you can wait the 12 months then the late payment will not affect your refinance in a negative way.

120 Days Late Mortgage Payment - If you fall more than 90 days behind on your mortgage, you run the risk of foreclosure, where your lender will demand satisfaction of your entire mortgage and may sell your property to do it. If you allow the loan to fall 120 days behind, a 120 day late will be recorded on your mortgage, making it nearly impossible to refinance and save your home. However, if your first mortgage is for less than 60% to 65% of the value of your home, there is help available no matter what your credit looks like.

Late payment - "How do late payments affect me?"

It is very important to make sure that you make all of your mortgage payments on time. Not only do late payments lower your credit score and cost you money in late fees, they can affect your ability to buy a new home or refinance your current one. Lenders will look at your mortgage or rental history over a period of 12 to 24 months when determining your interest rate and what LTV you are eligible for.

A lot of times, many mortgage companies will work with you if you are having payment problems. Please contact them if money is getting tight so they can come up with a situation that fits your situation.

How late is your payment? If you are less than 30 days late the incident probably won't show up on your credit report. You will still have to pay any late fees, If you must be a few days late on your payment its very important to contact your lender to let them know that the payment will be delayed and when exactly it will be mailed.

Late payments, as far as your credit report are concerned, are at least 30 days late. A late payment for your mortgage will hurt your credit score more than a late payment for a car loan or credit card.

It will be important to explain you payment history if you have been late in the past. An letter of explanation will most likely be required by the lender of any new line of credit.

If one of your accounts have gone into collections, you can pay these accounts off through your new loan. Depending on how long ago the account went into collections, some lenders will not force you to pay it off through your financing process. It will depend on when it went to collection and how much the amount is. Check with your loan officer for more details.

What payments are were you late on? In the mortgage industry credit card late payments aren't as important as mortgage late payments, but both should be avoided at all costs! If you must be late on one payment, make sure it is not your mortgage!

When money gets tight and you are going to be forced to be late on some of your bills first consider what items report to your credit report each month. Normally your home phone bill, electric bill, gas bill, cell phone bill, water bill, and other similar bills do not report on your credit report. If you absolutely have to be a few days late on one or more of your bills, it may be a good idea to start with the bills that do not report to your credit report first. Don't let these items get too far behind because these items could be shut off or even worse be sent to collection after awhile, at which time they could possibly be report to your credit report. Please remember that the above information is not stating that it is ok to not pay your bills or pay them late, but is only providing you with some information that may be able to help out as a very short term fix to keep your credit rating up.

Once a mortgage becomes 60, 90, and then 120 days past due, it is often very difficult to catch up the arrears. Extra interest, attorney fees, and collection fees can be added to the arrearage amount. Additionally, it becomes more & more difficult to obtain a refinance loan.

MOrtgage lates are one of the most harmful delinquent accounts that can be found on a credit report.

Late Charge - The penalty a borrower must pay when a payment is made a stated number of days. On a first trust deed or mortgage, this is usually fifteen days.

The grace period is stated in Truth In Lending document in the closing document packet. After the grace period is over, the borrower will be liable to pay the late pay penalty as stated in the TIL.

If you make a late mortgage payment and do not include extra for the late fee, your payment may be applied to the accrued late charge first. Then it is applied to past due interest. This will decrease the amount of money that is applied to the principal balance of your loan.

Late charges can eat up your budget right under your nose. It's best to if at all possible avoid even a single late charge.

Late dates are different depending on the lenders. Also, the late charges are different as well. Be sure to review the loan documents or ask the closing agent at the closing.

Each state has a specific law stating exactly how much grace period a consumer has before a late payment can show officially be considered late and show up on their credit report.

Late charges are penalties imposed by banks on mortgagors when payments are paid after the grace period. Most late charges will not negatively impact the mortgagors' credit history unless they are more than 30 days late.