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Hello all
I had a Mortgage Delinquency back on 03/2010, and got resolved with a Mortgage modification on 12/2014. So the question: Does The 7 years starts counting from when i start falling behind or when it got resolved?? Thanks
Edi
@Anonymous wrote:Hello all
I had a Mortgage Delinquency back on 03/2010, and got resolved with a Mortgage modification on 12/2014. So the question: Does The 7 years starts counting from when i start falling behind or when it got resolved?? Thanks
Edi
It should fall off 7 years after the delinquency reported. What I'm not understanding though is if the delinquency happened in 2010, what do you mean by it was "resolved" in 2014? To me the term resolved means you overcame the delinquency or became current on the account, but if that were the case it would suggest that you weren't current from 2010-2014? If that's the case I'm surprised you didn't lose the mortgage. If it is the case, though, starting now the negative information reported in 2010 will start falling off each month and continue through 2021 when the last of it reaches 7 years.
Thanks for the reply, Back in 2010 with the recession, my house went under water, so i contact my mortgage company to try to refinance to lower my rates and payments, for some reason i got denied for it, in the same time i lost my job and i couldn't make the payments, few months later i receive some papers of foreclosure process, i then present to my Lawyer and he tried to present a ''mortgage modification program'', well, believe or not but it took almost 5 years for the Mortgage company to come out with a modification. So for 4 years and 9 months they reported my non payments to the Credit Bureau. Back in 12/2014 they approved my modification, lower my rates to 3.2% and all the payments i missed, they put at the end of my mortgage. So since 12/2014 my payments are current. I though the 7 years starts counting from the day the Delinquency starts, in my case 03/2010?? Thanks again for the help
Edi
To add to what others have said, as far as my own derogatories go, with the exception of the BK, they're all 7-year items. Most of them will age off my reports between January and April of 2021 (having been reported in that timeframe in 2014), but the civil judgment I had from the homeowner's association will age off next June. Also, the negative impact of these items will decrease gradually over time as they age, especially if you keep your credit history clean going forward.
@rmduhon wrote:
Each late will fall off 7 years after it occurred. So the late for 3/2010 should be either off or about to be off, but the late for 12/2014 won't come off until 12/2021. Since it was eventually brought current there would be no DoFD to cause all lates to fall off at once if that's what you are thinking.
I agree with this above. You could try to negotiate with the lender to see if they'd be willing to remove any of the negative information, perhaps the latest 2 years or so (maybe 2013-2014) so that at least by 2019 you'd be clean. I'd hammer away at them with GW letters, explain the situation you were in and why your account went past due... play the emotional angle and maybe someone reading your letter(s) will feel compelled to help. Also reference how since getting yourself above water you haven't missed any payments. If you're interested in a GW letter method that I've had a lot of success with, the Saturation Technique, you can read about it at the link below: