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!!
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 )
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. Scott
Thanks... 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...
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. CF
