Mortgage Lates

[nesmar1023]

How long will mortgage lates negatively impact my score? Here is a breakdown of the mortgage payment history I received from a tri-merge lender pull:

30 Days  60 Days  90 Days   120+ Days

07/09         08/09         04/10         05/10

03/09                           03/10         06/10

02/09                           02/10         07/10
12/08                           01/10         08/10
11/08                                             09/10
10/08                                             10/10
08/08                                             11/10
06/08                                             12/10
05/08                                             02/11
03/08
02/08
01/08

We have been current since March 2011 so I am just trying to see when I can expect the negative lates not to sting so bad. We were never in foreclosure and managed to catch up via a payment plan through our lender. Thanks in advance for the feedback.

[pizzadude]

Unfortunately these lates will ding your score for 7 years from the date they occurred.   The more severe lates, 90+ days late, will have a major impact.

[pizzadude]

Also, since you are now current with your loan, have you considered asking the bank to goodwill remove some or all of the late payments ?    It would be worth a shot to do this if you haven't already.

[nesmar1023]

I havent. Will it be best to seek GW removal of the most recent or the oldest lates?

[pizzadude]

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@nesmar1023 wrote:

I havent. Will it be best to seek GW removal of the most recent or the oldest lates?

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I'd ask them to remove all the lates, it's worth a shot.   If that doesn't work then you could request removal of the most recent lates, 90+ days late and worse - in your case the most recent lates are also the most severe lates.

Who is the creditor ?

[atarvuzdar]

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@nesmar1023 wrote:

I havent. Will it be best to seek GW removal of the most recent or the oldest lates?

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Ask for removal of all of them, but the more recent (which are also the more severe) lates being the most important.

[nesmar1023]

Bank of America

[nesmar1023]

Thanks for the guidance. Also, I've noticed that some lenders pull different timeframes of payment history. Is there a standard? This lender went back to 2008, however I had another lender that only went back to 2010.

[pizzadude]

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@nesmar1023 wrote:

Thanks for the guidance. Also, I've noticed that some lenders pull different timeframes of payment history. Is there a standard? This lender went back to 2008, however I had another lender that only went back to 2010.

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I don't know what their standards are in terms of payment history, it will vary by creditor.

And good luck with BofA, they are one of the least receptive companies when it comes to GW requests.

[Lel]

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@nesmar1023 wrote:

How long will mortgage lates negatively impact my score? Here is a breakdown of the mortgage payment history I received from a tri-merge lender pull:

30 Days  60 Days  90 Days   120+ Days

07/09         08/09         04/10         05/10

03/09                           03/10         06/10

02/09                           02/10         07/10
12/08                           01/10         08/10
11/08                                             09/10
10/08                                             10/10
08/08                                             11/10
06/08                                             12/10
05/08                                             02/11
03/08
02/08
01/08

We have been current since March 2011 so I am just trying to see when I can expect the negative lates not to sting so bad. We were never in foreclosure and managed to catch up via a payment plan through our lender. Thanks in advance for the feedback.

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As mentioned, BofA is reportedly difficult to deal with.  In general, across all lenders the goodwill removal of mortgage late payments is difficult to accomplish.  If you had a single late payment a few years ago, perhaps you'd have better luck, but this is quite a lot of late payments, including many 120+ lates.  Creditors are required to report accounts accurately, so technically goodwill deletions shouldn't be occurring.  You're asking BofA to give you a clean slate, which is a very tall order in your situation.  Be polite and honest in your request, and good luck.