Posted on: 14th May, 2007 08:21 am
Hello,
A year and a half ago I was late with my mortage co. I have since re-fied, with a different lender. How would one go and try to have the lates removed from the previos lender?
A year and a half ago I was late with my mortage co. I have since re-fied, with a different lender. How would one go and try to have the lates removed from the previos lender?
tomrector,
I'm sure others will have a difference of opinion to this, but if you were late then the late payments are accurate and will remain on your credit report. I know there are credit repair companies which offer to use loopholes in the credit laws to remove past credit history. So perhaps I'm a simple guy when it comes to this but I wouldn't want to lend to someone with a history of poor repayment that I did NOT know about because it was removed due to some technicality.
good luck.
I'm sure others will have a difference of opinion to this, but if you were late then the late payments are accurate and will remain on your credit report. I know there are credit repair companies which offer to use loopholes in the credit laws to remove past credit history. So perhaps I'm a simple guy when it comes to this but I wouldn't want to lend to someone with a history of poor repayment that I did NOT know about because it was removed due to some technicality.
good luck.
Thanks Ken for the response. I appreciate your honesty. The reason I would like the lates not to be there is I have a year and half of on time payments. My credit score is now at 700. However I was told that you need two years of on time payments to get the best rates for a Fanny Mae conforming loan. I am currently paying 8.2% and would like to re-fi at a much more attractive rate
Tomrector,
If your scores are in the 700s and you have 12 months of on-time payment history you should be eligible for a Fannie Mae type loan right now. What you have done (apparently) is prove that the delinquencies are in the past. The mortgage lender is going to look primarily at the past 12 months or mortgage history, not 24 months.
How far behind did you get on your loan at it's most delinquent?
If your scores are in the 700s and you have 12 months of on-time payment history you should be eligible for a Fannie Mae type loan right now. What you have done (apparently) is prove that the delinquencies are in the past. The mortgage lender is going to look primarily at the past 12 months or mortgage history, not 24 months.
How far behind did you get on your loan at it's most delinquent?
"Hello,
A year and a half ago I was late with my mortage co. I have since re-fied, with a different lender. How would one go and try to have the lates removed from the previous lender?"
yes if for 12 months you have been regular with payments then will be a positive for you at the time refinance.
but the late will remain on report for 7 yrs.
A year and a half ago I was late with my mortage co. I have since re-fied, with a different lender. How would one go and try to have the lates removed from the previous lender?"
yes if for 12 months you have been regular with payments then will be a positive for you at the time refinance.
but the late will remain on report for 7 yrs.
I hate to sound dumb but I want to know about a fannie mae loan Is this a Government loan or what and can any mortgage broker do fannie mae loan or do they need a special license orpaperwork to do them????
Mortgage companies lends to people and then sells the rights over to Fannie Mae. It is useful for the mortgage company as they can make new loans as the funds are released out of that loan. You can also look at : fool.com/investing/general/2004/10/06/what-does-fannie-mae-do.aspx