I need some advice please.
I was recentlly divorced last July. We had the home for sale for almost a year. I was approved for modification but told it would hit my credit 200 pts. So I chose not to go that route. Anywas we received a contract in Sept and I was told by CITI mtg that since all my payments were on time I didn't qualify and would have to stop paying. I was told to stop late September. I didn't pay Oct, Nov or Dec since the short sale was approved early December and closed mid-Dec. I was told I would receive a paid in full letter. (I did) But my report shows paid less than full balance. I owed $223, my contract was for $218. I just couldn't come up with the realtor fees, etc- totaling $38k. (Hence the short sale).
Long story short- Now I see on my report 2 x 90+ days late. What??? I was not 90 days late twice. My broker said this means I didn't pay for 90 days them paid in full and went 90 days again. I am so confused. If Octobers payment was due Oct 3rd - November 3rd would be 30, Dec 3rd would be 60. Am I wrong? Here is what the line says-
| 2 times (Dec 2010, Nov 2010 |
I called Citi they said basically "oh well". How can I correct this. I am sure I can get payment history frommy bank and probably from Citi. But what do I do? Thank you.
Below is what my credit shows. But the timing makes no sense to me... The year on left is 2009 and right is 2010
 | | | | | | | | | | | | | | | | | | | | | |  |  |
| Legend: |  Currently paid as agreed |
 90 days late | |
 120 days late |
@Anonymous wrote:I need some advice please.
I was recentlly divorced last July. We had the home for sale for almost a year. I was approved for modification but told it would hit my credit 200 pts. So I chose not to go that route. Anywas we received a contract in Sept and I was told by CITI mtg that since all my payments were on time I didn't qualify and would have to stop paying. I was told to stop late September. I didn't pay Oct, Nov or Dec since the short sale was approved early December and closed mid-Dec. I was told I would receive a paid in full letter. (I did) But my report shows paid less than full balance. I owed $223, my contract was for $218. I just couldn't come up with the realtor fees, etc- totaling $38k. (Hence the short sale).
Long story short- Now I see on my report 2 x 90+ days late. What??? I was not 90 days late twice. My broker said this means I didn't pay for 90 days them paid in full and went 90 days again. I am so confused. If Octobers payment was due Oct 3rd - November 3rd would be 30, Dec 3rd would be 60. Am I wrong? Here is what the line says-
90+ days late 2 times (Dec 2010, Nov 2010 I called Citi they said basically "oh well". How can I correct this. I am sure I can get payment history frommy bank and probably from Citi. But what do I do? Thank you.
Below is what my credit shows. But the timing makes no sense to me... The year on left is 2009 and right is 2010
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 2009 2010
Legend:
If you didn't pay in Oct, Nov and Dec it should report 30 days late for each month and it updates to 90 days total, then 120 total and then 180 total, then CO(charged off after six months). So your account should be only reporting 90 days lates for the 3 months the account wasn't paid as agreed.
Unless things have changed, if you default on your mortgage at all within 12 months of a short-sale, you are not eligible for an FHA loan for 3 years. It sounds as though you did miss payments on your mortgage (doesn't matter if you were told to), so you will not be able to obtain an FHA loan for a while. That being said, under extenuating circumstances, you can lower the amount of time necessary to wait. You will have to discuss with your mortgage broker. I don't see it being less than 1.5-2 years though.
Although CITI may be reporting the wrong type of late payment (30 days vs. 90 days), it will not affect your FHA eligibility at all. A late payment is a late payment.
Starting Score: 627 EQ, 621 TU - 11/15/08