2 Late Pays On Mortgage
Hi...am looking to invest in another house (will be my 2nd rental)...my fico dropped this year due to 2 late mortgage payments (renter was late/bounced check--has since been evicted)--however I did not have the back up right in hand so payments were late (30 days)...anyhow the last late payment was in December (new renters as of 1/1/04)--should my fico go up significantly in Dec 2004 as then it would have been a year since the last late pay? Do most mortgage brokers/banks loook for at least a year of no lates or do they go back further?
usually lenders look at 2yrs payment history, and 30 day lates stay on your reports for 7 years, affecting you less and less as they age. right now they will effect your scoremainly, and a lender may chose to not use that negatively if you are at least 12mos w/none. it all depends on the lender and their mood at the moment
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