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nverlast1

bank of america mortgage late payments

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I have a bank of america mortgage loan that is showing as paid because I sold the house. My question is I sold the house back in July 2014 but I have 6 late payments on there from year 2013 to 2014. Im currently looking to buy another house next year I am trying to see what to do. Im not sure if these late pays are affecting my score since they are so old.

 

  J F M A M J J A S O N D
2019                        
2018                        
2017                        
2016                        
2015                        
2014                        
2013                        
 
Last payment
Sep. 01, 2014
Current Payment Status
30-59 Days Late
Worst Payment Status
30-59 Days Late
Account Details
Account status
Paid and Closed
Type
FHA Real Estate Mortgage
Responsibility
Individual Account.
Remarks
No Info
Times 30/60/90 days late
6/0/0
Closed
Sep. 01, 2014

 

 

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Yes they are still depressing your score. If they are the only derogs you have, you're losing about 60 points. If you have other/worse derogs, they aren't worth worrying about. You could try a goodwill letter to the EO

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Were these rolling lates after a single missed payment or was there something else going on?  You need to be able to adequately define the history before putting together a good-will letter that has any realistic expectation of getting anyone's attention.  A missed payment after which there was steady payment history is far easier to get a measure of sympathy than the person who makes a payment, misses a payment, makes a few more, then misses yet another one and clearly shows a pattern of having been in over their financial heads...

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The lates were dec 2013, Jan 2014, on time February and March 2014, late April, may, June, july 2014. Aug 2014 on time then sold house in Sept 2014. 

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2 hours ago, nverlast1 said:

The lates were dec 2013, Jan 2014, on time February and March 2014, late April, may, June, july 2014. Aug 2014 on time then sold house in Sept 2014. 

What was the rationale for having consistently been late?

 

In any letter, I would highly recommend that a paragraph be included that recognizes the irresponsibility but that, as you return to the mortgage market, you hope to again be able to do business with BofA.  That way, if you can get anyone to actually read the letter, they might think they could make more money off of you within the next year or so...

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1 hour ago, centex said:

What was the rationale for having consistently been late?

 

In any letter, I would highly recommend that a paragraph be included that recognizes the irresponsibility but that, as you return to the mortgage market, you hope to again be able to do business with BofA.  That way, if you can get anyone to actually read the letter, they might think they could make more money off of you within the next year or so...

The only problem with this logic is that it asks BofA to take an action against their own interest ... remove entries from the credit report that otherwise might ensure that they price a mortgage to reflect risk and, thus, yield an appropriate profit.

 

My point is that, more than anything, a successful goodwill letter needs to establish a remote likelihood of such delinquencies being repeated.  Accepting responsibility for the past behavior is a start; it takes more.

 

In any case, an attempt to seek a goodwill adjustment is warranted.  Just go into the effort with realistic expectations re the outcome ...

 

BA is one of the most resistant banks to "goodwill" requests.  (They actually have put up a webpage that suggests as much:

https://www.bankofamerica.com/help/goodwill-adjustments/ )

 

nverlast1 shouldn't be discouraged from the effort ... just understand that the letter must be persuasive as to why the delinquencies aren't likely to be repeated on a new loan.

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You can also follow the guides;

https://whychat.me/GUIDEBOOK.html

 

After opting out and deleting old addresses try sending a dispute letter to the CRAs

https://whychat.me/initdispltrsol.html

USE THIS PARAGRAPH

Please advise me as to the correct name and current address of this creditor, the name of the account holder, and the reported date of first delinquency,as any account I might have had at one time would be obsolete.

 

DO NOT USE THIS METHOD IF YOU DO NOT HAVE A NEW MORTGAGE REPORTING

Edited by Why Chat

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51 minutes ago, Why Chat said:

You can also follow the guides;

https://whychat.me/GUIDEBOOK.html

 

After opting out and deleting old addresses try sending a dispute letter to the CRAs

https://whychat.me/initdispltrsol.html

USE THIS PARAGRAPH

Please advise me as to the correct name and current address of this creditor, the name of the account holder, and the reported date of first delinquency,as any account I might have had at one time would be obsolete.

 

DO NOT USE THIS METHOD IF YOU DO NOT HAVE A NEW MORTGAGE REPORTING

Why encourage an action that will all but ensure a fraud alert is placed on the OP's file with all four bureaus?

 

They ADMIT they know the account is correct and it is OBVIOUS from their own post that the account reporting is NOT obsolete. 

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Clearly my thoughts on disputing the debt are aligned with centex. 

 

I grasp the strategy of entering a dispute with the CRA's, hoping that something will fall through the cracks and that the creditor will fail to validate.  However, the process is sufficiently automated that I expect it rarely succeeds with a reasonably well established debt such as a mortgage with a mainstream banker (such as BA).  (I'm open to correction of this impression.)  To me, at best it smacks as a Hail Mary pass.

 

As centex suggests, it risks the complication of a fraud alert (not particularly desirable, in anticipation of a mortgage application).  In any case, don't follow such a dispute with a "goodwill" request.

 

I react with a "facepalm" each and every time someone posts of making such a request after having launched a round of unsuccessful disputes ... I mean, just how disingenuous can one act?

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When you bought your mortgage FICO scores from myfico what reasons were you given for your mortgage-enhanced FICO?

 

Is this tradeline the only derogatory item on your four consumer credit reports mailed to you from each of the four major CRAs?

 

Have you been told that lates on this tradeline will preclude you from getting a new mortgage?

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Hats off to hege for bringing this thread back around to the original focus:  OP inquired how these lates might impact his mortgage prospects.

 

Shifter likely called it fairly accurately, in suggesting a 60 pt score hit.  Given the age of the delinquencies, if there is no other adverse information reporting, odds are good that mortgage scores will still come in at 680+, qualifying for prime rates (though not the best available).

 

It wouldn't hurt, at this stage, to find out exactly where you stand.  I did this recently, when wife interviewed for a job in Boston and I wanted to size up implications in advance of (what I then perceived as) a "remote" chance of an offer (she started work 3 weeks ago!).

 

I chose to call Quicken Loans/Rocket Mortgage, pulling up an online link.  You don't need to have purchase plans in place; say you intend to purchase in 6+ months.  Application was simple and I was contacted by a mortgage consultant who shared my credit scores and the rates for which I qualified.  We left it that I would get back in touch when I had firm purchase plans.   That was all there was to it.

 

Well, follow up robocalling quickly ensured.  Simply told them I wasn't interested at this time and asked them to take me off their calling list.  Took about 3 insistent statements to that effect, but the calls stopped cold.  It was a very useful exercise.

 

FWIW, I was just "conditionally" approved for a mortgage through DCU.  (I'll relate that positive story in another thread.)  Chose not to apply with Quicken/Rocket because their operation had far too much a "boiler room" feel to it, notwithstanding the exceptional pre-qualify encounter I experienced.

 

As far as the BA delinquencies, my personal recommendation continues to give a shot at the goodwill request.  Then, put it behind you ... it's aging off not too long down the road.

 

 

 

 

 

 

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2 hours ago, hdporter said:

Clearly my thoughts on disputing the debt are aligned with centex. 

 

I grasp the strategy of entering a dispute with the CRA's, hoping that something will fall through the cracks and that the creditor will fail to validate.  However, the process is sufficiently automated that I expect it rarely succeeds with a reasonably well established debt such as a mortgage with a mainstream banker (such as BA).  (I'm open to correction of this impression.)  To me, at best it smacks as a Hail Mary pass. I have Centex on ignore so I can only guess as to what she said to disagree with my suggestion, however, using a snail mail system of disputes obviates automated responses. Getting old addresses deleted BEFORE disputing increases the likelihood of a deletion due to the lack of a "match" in the e-oscar system and NOT claiming that the account wasn't yours obviates a fraud alert. In addition opting out helps prevent the JDBs coming out to poison your reports once you start applying for a mortgage.

 

As centex suggests, it risks the complication of a fraud alert (not particularly desirable, in anticipation of a mortgage application).  In any case, don't follow such a dispute with a "goodwill" request.

 

I react with a "facepalm" each and every time someone posts of making such a request after having launched a round of unsuccessful disputes ... I mean, just how disingenuous can one act?

 

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20 hours ago, centex said:

What was the rationale for having consistently been late?

 

In any letter, I would highly recommend that a paragraph be included that recognizes the irresponsibility but that, as you return to the mortgage market, you hope to again be able to do business with BofA.  That way, if you can get anyone to actually read the letter, they might think they could make more money off of you within the next year or so...

I lost my job

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22 hours ago, hegemony said:

When you bought your mortgage FICO scores from myfico what reasons were you given for your mortgage-enhanced FICO?

 

Is this tradeline the only derogatory item on your four consumer credit reports mailed to you from each of the four major CRAs?

 

Have you been told that lates on this tradeline will preclude you from getting a new mortgage?

 

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