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Frequent Contributor
Posts: 250
Registered: ‎01-28-2013
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a 120+ late the worst for a mortgage?



I have a number of 120+ late payments for a mortgage that was a short sale, although I have not received a 1099 as of yet.


My question is regarding a foreclosure and a short sale:


Once you accumulate numerous 120+ lates, is that the worst mark that you can get on your credit report?


Also, is most of the damage already done by that time with a FICO score?

Valued Member
Posts: 33
Registered: ‎02-20-2011
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Re: a 120+ late the worst for a mortgage?

Not sure how FICO scores 120 late versus a SS or foreclosure. My guess is the worst damage to your score happened by 90 days late. Also the score impact is determined by where your score was before you had the lates. The higher your starting score the steeper the drop and longer the recovery period.

From a mortgage application perspective a 120 is the same as a foreclosure and you will be forced into the same waiting periods as a foreclosure even if you only did a SS.

Starting Score: 606 EQ 2/11
Current Score: 738 EQ - 4/13, 702 TU - 3/13, 729 EX - 3/13 (Lender Pulled)
Goal Score: 700 Club

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Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: a 120+ late the worst for a mortgage?

A 120 day late payment is considered a foreclosure in the eyes of majority of lendes.

It is not the worse mark you can get as far as your credit reports are concerned.

120 day reported late payment will have an impact on your scores for majority (if not all) of your 7 year waiting period.
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Frequent Contributor
Posts: 250
Registered: ‎01-28-2013
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Re: a 120+ late the worst for a mortgage?

Yes. I am hopefully to get a FHA loan after 3 years. Opportunity to rebuild, etc.

My fico is 657, so I am hopeful in a few years.

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