topic Re: Getting late payments off for a home loan in Rebuilding Your Credit

Getting late payments off for a home loan

Anonymous — Sat, 23 Mar 2019 13:01:43 GMT

Hi everyone,
So I have a situation where my husband I would like to buy a home. We have the money for the down payment, but unfortunately, I have some late payments from Pinnacle Bank and World Finance. The mortgage lender told me if I can get the late payments removed from both creditors, she can get us approved. Otherwise, we'd have to wait until October of 2020 to apply for a mortgage. Is it best to wait? I have sent Goodwill letters after goodwill letters and they are stubborn. I gave up and started to pay Lexington Law. BUT, here's the kicker, both of these accounts are paid off. Pinnacle being a $11,000 charge is paid. World Finance is a $600 charge that is paid. The creditors aren't gaining anything by keeping this on my report so I don't want to accept no or October 2020 as an answer. If anyone has any suggestions, please reply.

Re: Getting late payments off for a home loan

Jnbmom — Sat, 23 Mar 2019 13:16:24 GMT

How old are the lates? Do they fall off in 2020, is that why the lender wants you to wait?

You can continue to write GW letters you may get lucky, but just because they are paid (which is great of course) does not mean the lender will remove them . Some lenders are very strict and refuse to remove. I have lates from 2012 that will fall off end of this year, chase refuses to remove lates after about 20 GW attempts.

Re: Getting late payments off for a home loan

Anonymous — Sat, 23 Mar 2019 13:20:16 GMT

I am not trying to be harsh, but realistic. Derogatory information on your credit report is not there to serve as a mechanism for repayment, but rather an indicator to future lenders of your overall creditworthiness. Because the past debts are paid does not entitle you to the removal. I believe creditors are not supposed to delete information because it is paid.

Others can provide more insights to how best to try to have this removed.

Re: Getting late payments off for a home loan

Anonymous — Sat, 23 Mar 2019 13:21:18 GMT

Hi,
Thanks for responding. There are lates from 2018. And the lender says that the bank will want to see 2 years of 0 late payments before we can get an approval. OR get the late payments removed.

Re: Getting late payments off for a home loan

Anonymous — Sat, 23 Mar 2019 13:25:44 GMT

Yeah I know that because it's paid they aren't entitled to remove it. It's just frustrating for me because I had the account for 3 years and only have 3 late payments in 2018 for an $11,000 charge. Other than that, all of my payments were made on time. Now that I am trying to build for my family, this is holding us back. I've read the example goodwill letters on myFico so I guess I'll just have to keep trying

Re: Getting late payments off for a home loan

gdale6 — Sat, 23 Mar 2019 22:02:09 GMT

I would advise you to find another mortgage lender not all are concerned with 30 day lates.