Quick Mortgage Question...

Discussion in 'Credit Talk' started by dave, Apr 26, 2001.

  1. dave

    dave Well-Known Member

    quick question folks...

    how would having 1 or 2 30 (maybe 60) day lates affect someones mortgage chances?

    a relaitve (who has impeccable AAA credit) financed a small purchase for me ($4k) and I've screwed one or two payments up. They're going for a new mortgage today..

    let me know if more info is needed....Thanks!!
  2. kim

    kim Well-Known Member

    How long ago were the late payments. Over two years ago shouldn't be a problem.
  3. dave

    dave Well-Known Member

    They were within the last 8-10 mos.
  4. dave

    dave Well-Known Member

    More info...

    The relaitve is going from an $112k mortgage to about a $70k mortgage...sizing down...and it's been about 2 years w/ the $112k.

    would they even bother pulling reports if it's with the same lender? (don't scream at me...wondering :))
  5. Scott

    Scott Guest

    Is it an installment or revolving accounts ?

    Prove that you are making the payments with copies of the canceled checks and an explanation letter to the lender validateing that the debt is yours and not your relatives. They can use it as part of their loan application.

    If there monthly payment for their new mortgage is going to be less than the one they are paying on now it shouldn't be a problem whatsoever.

  6. dave

    dave Well-Known Member


    Yeah, the payments will definately be less....that's kinda why I figured it shouldn't be much of a factor.

    Hey, while we're on this topic, is there any way to have this debt (revolving..furniture) transferred to me? I'm rebuilding my mess now, and it's not pretty..but I'd really like to take ownership of this.

    Thanks all again...
  7. CF

    CF Active Member

    Don't worry about the payments. They are going to show that they co-signed on the account. Get your records ready as they will probably ask for your cancelled checks to show that you have been paying the debt. If you provide the checks they won't have to include the payment in their debt ratio. Get the checks ready and help them write a good letter of explanation and they should be fine.


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