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Established Contributor
NikJ4
Posts: 662
Registered: ‎01-24-2008

When to Apply

This is a quick one and hopefully one with a quick response. I am getting debts paid down to prepare for the purchse of my 2nd home in 2014. i have been current with my mortgage now since Sept 2010. Prior, I had rolling lates an a lot of headache and drama trying to get modification done which I finally did.  My current mortgage will start to report positive Aug 2014 (meaning any and all lates will be gone bye-bye as it will have been 7 yrs since DOFD....thank goodness for rolling lates in this instance). Should I wait to start my mortgage application process once the negatives are OFF the report and my mortgage refelcts no negative history or will I be ok with a good 3 yr history of on time payments. (not concerned with score becuase I am and will be in in good standing there)

 

I hope this question makes sense.

Thanks in advance for any thoughts or comments

Nik J



Start Score:493Current Score:635
Goal Score: 700>>>>>App free since (umm not saying...I struggle with this)
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: When to Apply

I havent run into this situation, so I am of no help.

Hopefully some one else will chime in.

If I had to give a guess I would say to wait until it is no longer showing.
Good Luck
May all your dreams and wishes become a reality!
New Contributor
Axa
Posts: 141
Registered: ‎02-20-2013

Re: When to Apply

I'd wait if you could stand it. Better not to have the hassle of raised eyebrows and answering questions. Plus, you should see a nice score boost, so that will be double the confidence you can walk into the deal with. I know you mentioned not being concerned with the score, but it's a positive, so just add it to your list of the advantages of waiting until after the baddies drop off.


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years
Established Contributor
NikJ4
Posts: 662
Registered: ‎01-24-2008

Re: When to Apply

Thanks for your help


Start Score:493Current Score:635
Goal Score: 700>>>>>App free since (umm not saying...I struggle with this)
New Contributor
Axa
Posts: 141
Registered: ‎02-20-2013

Re: When to Apply


NikJ4 wrote:
Thanks for your help

Welcome. :smileywink:


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: When to Apply

[ Edited ]

In our situation we had to wait till the rolling mortgage lates were 12 months old. They did not question them at all, they just said closing had to wait but we were approved with them being less then 12 months old.


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