Posted: Mon Oct 29, 2007 5:43 pm Post subject: Lates
Is it possible to get new mortgage with lates on a previous in the past 12 months. Last late was in march. Looking for 80% financing of 290. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
It is difficult to get a new mortgage with late payments showing on your credit. Lenders generally consider the credit history before approving for a mortgage.
It also depends on the time period for which you were late. If it was a 30 days late then you may get lenders who consider such cases as accidents.
Have you taken out your credit score recently?
With a good score you may get sub-prime lenders but they will offer high interest rates. It is not impossible to qualify for mortgage in such situations but you may have to shop for a while.
Its possible. But lenders may charge high rates. You need proper marketing to find right lender before signing for loan. _________________ Procrastination is the enemy of your financial sucess
It would depend on where your scores are at now, the reason for being late, how late you were and how many times. Were there other lates along with the mortgage? Did you get NOD. It is possible. the question is is it going to be beneficial for you. _________________ Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending
Posted: Fri Nov 02, 2007 3:45 pm Post subject: NOD
What is a NOD? The reason for the lates is partially due to financial distress caused mostly by a medical problems. The costs for treatments requred choosing between, mortgage payments, food, or for medical treatments. The other cause was the mortgage company mis-calculating our escrow requirments. Payments that were made were diverted into the escrow account and then reported as late. Our escrow requirements for property taxes were mis-calculated $6000.00 per year. Our yearly mortgage payments only total $8400.00. They finally did properly credit the account, but we are still fighting to get our credit reports straight.
NOD is the notice of default. It is the first official step in foreclosure process. A lender might file NOD at the very first late payment but usually it is done after 2 - 4 default.
It is not impossible for you to get a mortgage but you may have to shop for a while to get that at a reasonable rate.
You can get mortgage but the interest rate may be a bit higher. So you need to shop around a bit for the mortgage to get reasonable interest rate.
You have said that the mortgage company has done some miscalculations on your mortgage payments and that's why you are still fighting to get credit reports straight. So if you can wait a bit and improve your credit score, then you can get lower interest rate.
adonis
