Mortgage Late ?'s

[Anonymous]

I have posted earlier regarding cc's and BK, when they should be removed.

I now have a question about mortgage late payments. My previous payment history has been horrible and when I pulled my credit report today I see that my mortgage (now paid off because the house was sold Feb 07) has many many lates. I read in another post that if the accounts have been closed and paid in full they can be deleted, is this true? Is this something that I should do? I think from about August 06 to Feb 07 it was rolling 30 days late and sometimes 60 days late.

[Anonymous]

Well.. if you have a BK and rolling lates on a mortgage will really drag your score down-down-down..

That said..  

If the house was simply sold and paid off, those lates will stay on there for 7.5 years. Nothing you can do about them if they are legit.  It sucks, I know, but it reflects your history, even if you went to the ends-of-the-earth to sell the house and pay it off.

If it was part of a bankruptcy, then yes, from what i have seen those lates will not show.   But you will have a significant derogatory remark.

Someone please correct me if im wrong on this..

[guiness56]

Lates on a closed account will fall off 7 years from each occurence not 7.5 years.  Once the last late has come off the account will turn positive and stay for 10 years from the date closed.

If the account was a negative for any reason other than lates, like a collection or CO, then the entire account will fall off in 7.5 years from the DOFD, not just the lates.

[Anonymous]

Ok I guess that I will just have to wait it out. They were rolling lates after a BK and not related to BK. Thanks for the replies!