30 day late on mortgage

[adavis425]

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@Anonymous wrote:
I was late on the mortgage because I didn't have funds. I recently got some extra funds after I was late 30 days on mortgage. My mortgage is current now, so I decided to pay down some cc's to improve my fico I was reading in money magazine that paying several thousand of of cc's you can raise your fico as much as 100 points. Everything is current now I have 1 late mortgage payment 30 days late. Other then that I have nothing late. Within several months will my score increase? More importantly above 720? I'm trying to refinance into a conventional loan I have an FHA right now and I'm paying mortgage insurance and I do not want to pay mortgage insurance anymore but no one will qualify me for a conventional with a 580 fico score. I'm at four and a quarter right now for my mortgage I would like to get my interest down lower than that and jump into a conventional thanks for the help it is greatly appreciated

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Wait...what?? You want a 140 point jump for paying 5k in cc debt while acquiring a 30-day late on your mortgage at the same time? Yeah, I don't think it works that way. It is worth a phone call to see if the lender will remove the derog though. Good luck!

[Dw4250]

You may also have trouble qualifying for any type of mortgage right now. Even FHA wants to see one year of clean payment history.

[MarineVietVet]

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@Anonymous wrote:
I was late on the mortgage because I didn't have funds. I recently got some extra funds after I was late 30 days on mortgage. My mortgage is current now, so I decided to pay down some cc's to improve my fico I was reading in money magazine that paying several thousand of of cc's you can raise your fico as much as 100 points. Everything is current now I have 1 late mortgage payment 30 days late. Other then that I have nothing late. Within several months will my score increase? More importantly above 720? I'm trying to refinance into a conventional loan I have an FHA right now and I'm paying mortgage insurance and I do not want to pay mortgage insurance anymore but no one will qualify me for a conventional with a 580 fico score. I'm at four and a quarter right now for my mortgage I would like to get my interest down lower than that and jump into a conventional thanks for the help it is greatly appreciated

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My advice? Wait a year until your situation improves. By that time some of the sting of that late payment will lessen and you'll have a better chance for approval.

Your current 4.25% mortgage is not bad at all. I would bite the bullet and make those mortgage insurance payments for a bit longer. 

Just my opinion.

[Anonymous]

The impact will be a lot longer than several months. If your score dropped to 580 with just a 30 day late then IMHO it will be years before you're above 720........Getting a refinance with a fresh 30 day late less than 12 months old is a slim chance at best. Goodwill the mortgage company for removal that's really your only recourse.

[Anonymous]

This might be a bit late but never intentionally delay a mortgage payment. Yes, paying off CC debt can spike your score 100+ points if you have high utilization of credit and a moderate credit score, and you pay down your CC debt. But a single delinquent payment can crash your score and the higher your score the farther you fall. Credit card companies will often overlook one mistake or late payment (some issuers like my primary CU have a 10 days after late before reported as late policy or a variant). Try seeing if your mortgage lender will agree to take off the derog as others have suggested. If they don't, it will be a while (probably years) before you get to 720.

[Anonymous]

I have a terrible situation going on right now. Im legally seperated from my spouse and she is living in the house recieving child support from me to pay the mortgage and utilities. For the past three months she has been late with the monthly mortgage payment. I also will be attempting to get a new mortgage after the house is sold and using some of the equity for my down payment. Im not sure what more I can do to have her send the mortgage by the 15th of each month. My attorney is pushing for the divorce to happen buy Jan or Feb 2015. I the back ground I am doing other things to improve my credit i.e. on time with my truck payment, paying off a ( 1 ) collection monthly and satisfied ( 4 ) liens. Anyone have any suggestions, thoughts?

Thanks,

[MarineVietVet]

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@Rickdoc1 wrote:

I have a terrible situation going on right now. Im legally seperated from my spouse and she is living in the house recieving child support from me to pay the mortgage and utilities. For the past three months she has been late with the monthly mortgage payment. I also will be attempting to get a new mortgage after the house is sold and using some of the equity for my down payment. Im not sure what more I can do to have her send the mortgage by the 15th of each month. My attorney is pushing for the divorce to happen buy Jan or Feb 2015. I the back ground I am doing other things to improve my credit i.e. on time with my truck payment, paying off a ( 1 ) collection monthly and satisfied ( 4 ) liens. Anyone have any suggestions, thoughts?

Thanks,

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That's a tough situation. You have my sympathy.

Unfortunately you can't make her use the money as it's intended.

If the mortgage note is in both your names why don't you make the payments yourself? Would she be agreeable to that?

Let us know how this works out for you.

[Anonymous]

They take $850.00 out of my check every two weeks and I cannot afford to pay this because I'm paying rent where I am currently living.

[Barneygirl]

FYI - I just refinanced my mortgage in February, and was informed that I needed at least a year's worth of no late mortgage payments to qualify, regardless of score.

Mortgage companies have gotten pretty strict about these things... no late mortgage payments, for one year, or not refinance.

I had a mishap while I was on the road traveling and didn't realize my auto-withdrawl hadn't processed.  The mortgage company had NO sympathy, and there it sits!!!  I had to wait for the year to pass in order to refinance.

Things may have loosened up since then, but would think it might be difficult to refi with a late so recent.

[Anonymous]

Score at 660 now from 580. Within last 2 weeks paid another 2k on cc debt. Do I wait to refi to a conventional, or risk doing a hard pull on my credit to see if I qualify? I'm hoping to be up to 700 by the 1st of January. Thanks for the advice.