Have chapter 7 discharged in 2014, did not reaffirm but paid to stay. Perfect payment since bk except for mortgage. Never 60+ days late but definitely have a few 30+ in past 12 months. Not an excuse but my dad got very sick very quickly and passed earlier in the year and I was a bit of a mess. Since the payments didn’t report I let some go late. Ironically we never had a late payment prior to bk for mortgage. Awful, I know, especially since we are now in a financial place to purchase a bigger home. So a few questions and our scenario. Not sure of true scores and don’t want to pull them yet until paid off balances report. We have about 18k/month gross income. We will be paying off most debt this month (cars, credit cards, personal loan). We will only have about $300/month left towards cc payments and should pay that off in about 6 more months. We will have about 100k for downpayment. Do we stand a chance at a new mortgage?
1. Do all lendors request a VOM?
2. I asked my mortgage company (citi) for a VOM and they faxed it. It did not have payment history on it. Will what they send to a broker/bank be different?
3. Would they approve with 30 day lates on vom in past 12 months? If not what about if we wait 12 months and show no lates for 12 months?
4. How long will paid off balances take to reflect on report?
5. Can I attempt a gw letter to adjust payment dates to not show as late?
6. Should I pay off all credit cards and keep small car loan?
Pay everything off except one with a $50 balance. Azero method, Plus leave the car loan. No 30 days late in the last year especially your Mtg/Rent. Payoff will reflect in usually 30 days but absolutely 60. Pull Scores HERE (myFico) and don’t believe the Free scores given out with Credit Card companies.