Borrowers with a delinquent mortgage will generally have a higher interest rate than those who are not deliqunet. Credit scores also play an important factor in this.

Your credit report will reflect these late payments, using the standard symbols listed below, to read the late payment history.

ie: R2 would show a revolving (credit card) debt, that has been past due more then 30 days.

O = Open (entire balance due each month)
R = Revolving (amount due can change each month)
I = Installment (fixed amount due each month)

0 = Approved, but account is too new to rate or not yet used
1 = Paid as agreed
2 = 30 or more days past due
3 = 60 or more days past due
4 = 90 or more days past due
5 = 120 or more days past due or is a collection account
7 = Making regular payments under a wage earner plan or other repayment arrangement
8 = Repossession
9 = Charged off account

Having delinquencies on any loan will decrease your credit score, and will make it more difficult for you to obtain financing for your home.

Delinquencies are also known as "lates." On your mortgage they are reflected in days 30, 60, 90, or 120. A 120 day late is also considered foreclosure, in the eyes of any lender.

Most lending banks will overlook delinquencies if the homeowner can satisfactorily explain the cause of the delinquencies and the unlikelihood of recurring. Acceptable causes include divorce, separation, tragedy in the family, loss in the mail caused by relocation, etc. Homeowners are often required to supply supporting documents.

If you find yourself in a situation where you might not be able to make all of you monthly obligations you want to make sure that you make your house payment in time as to not be 30 days late. A 30 day late on your house payment can hinder you from qualifying for a mortgage more so than a 30 day late on a credit card.

There are many lenders that will finance you even if you are delinquent.