Epic Contributor
Posts: 25,584
Registered: ‎03-19-2007
Re: What is risk of one more late mortgage pmt after 7mo's no payment?


If already in arrears on your current loan and your new creditor is aware of that fact, such as by reporting of your current creditor,  I would surmise that would already have significant impact on their lending decision, regardless of whether you tack another month late onto that chain. 

Six months is also approaching the date when many creditors will consider charging-off a delinquent debt.  I would be concerned with the current creditor doing a charge-off, or possibly selling the delinquent debt, prior to the refinace going through, which would throw a whole new monkey wrench into paying off the existing loan as part of the refiance process. 


If another month gives you monetary benefit, your call.  I dont see FICO scoring as the major concern in this scenario......