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I have a 30 day late mortgage payment and a 60 day late mortgage payment that are 15 and 16 months ago.
Obviously, score was crushed. 700ish to 580ish
When do those late payments become obsolete? 24 months of age?
I understand that they lessen with time and on time payments but score is only barely above 620 with all accounts paid on time.
Thanks in advance
Ps....to all....no matter what, dont let the mortgage be 1 day late---EVER
Man, you aren't kidding! I haven't lived in the house since 2010. I had to move due to a military change of station. The rent I could get for the house was $400 less than the mortgage payment. I kept it up until my first renter moved out. There was about month and a half lapse between renters, so it went behind. Then I decided to do a short sale, since I was never going to move back there and the housing market hadn't improved. But of course, in order for federal assistance in a short sale, the house had to be 90 days behind... So here I am, 90 days behind, but making payment every month to keep it at 90, trying to short sale a house. My score is sucking big time!
Lates don't become obsolete until 7 years. If you mean, when will they not hurt as much: it depends on a lot of other factors.
I think when doing a short sale, lates should be updated to reflect PAID b/c you are forced to wait until you are 90 days behind. Just isn't right!!!!