Ok here is the deal, my wife and i sold our house and were suppose to close tomarrow. I had a paymen that is late tomarrow. (i think it would count as a 30 day late payment) Which was no big deal as we were going to pay off the loan tommarow. Now we find out me might not close till monday. My question is whats better paying the 800 house payment even though were tight on cash and need it for closing on out next house or taking a late hit on our credit knowing we will have it all paid off the 1st of next week??

Any financial people i would appretiate the advise....

PS my wifes crdedit score is currently in the mid 700's and i dont know how a late pay will affect it.

Thanks

As long as you paid your September 1st payment, you will be ok. The October payment will be past due after Saturday, but you will only be hit with a late fee....they will not report it to the bureaus until it's more than 30 days past due.

FWIW...even if you close tomorrow, depending on the title company...if they do wire out your payoff they have to send the wire early in the day in order for it to post. Most titles companies overnight the payoff...and if they did in your case you would still have a late fee, but not a strike on your report....assuming again you have made your Sept payment.

I say if it worries you that much, just pay it and ease your mind. http://www.gixxer.com/forums/images/graemlins/thumb.gif

The answer is to call your mortgage company and explain this to them.
I'm sure they'll be willing to work with you on the late payment issue considering the balance will be paid in full shortly.
Telling them and working with them is better than trying to avoid it.

The answer is to call your mortgage company and explain this to them.
I'm sure they'll be willing to work with you on the late payment issue considering the balance will be paid in full shortly.
Telling them and working with them is better than trying to avoid it.




+1.

i just found out they already gave me a late fee but looks like i am ok even if i close next week like you said it wouldnt be 30 days late

I'd check with them again....you shouldn't have a late fee for October yet....not until after the 15th. If you have a late fee currently, it would be from Sept....which if that's the case you will already have a strike against your credit anyways.