Rebounding from years of lates on mortgage

[Anonymous]

In 2012 my spouse and I opened a a business...lucky for us the business succeeded but as you can see...our mortgage took a MAJOR hit. We just paid our last trial period payment of the loan modification and will be brought current next month. Will any lender ever lend to me again?!? I've read that once an acct goes 120 days late...it's as bad as a bankruptcy...is that true? Any suggestions on rebounding from this?!

[RobertEG]

Never again is extreme.

The FCRA mandates that the reported delinquencies can no longer be included in any credit report issued by a CRA after 7 years from their respective dates of occurence.

Additionally, once you have established solid period of timely payments, you might contact the lendor and make a good-will request for voluntary deletion of the lates if you plan on refinancing of seeking other forms of credit prior to the mandated credit report exclusion of the delinquencies.

[Anonymous]

I was being over dramatic...I know but that's how I feel.  :-( Do you think they would delete ALL of those dates?!?  I'm wondering how many GW lates will a creditor delete. 7 years is SUCH a LONG time!!!  My babies will be off to college by then.  :'(...ok, back to being over dramatic.