Sign in to follow this  
Freak

Mortgage Loan Score Issue

Recommended Posts

Hello Board, it has been a while, and a long journey. Last I was here, I was bankrupt and was in horrible shape. Things have changed over the years. Here is my delima.

 

My wife and I are applying for a mortgage loan (married about a year). During the process, we discovered there was a very recent late payment (within days) on a mortgage that her ex-husband is responsible for with Wells Fargo. Long story short, he didn't catch that his escrow went up so his payment was a little short of the required amount. As soon as he realized what happened, he contacted the bank (Wells Fargo) and caught it up. The late is reflecting a 30 day late payment. The account has been open since 2006, and there are no other late payments. Our loan officer is stating she needs an additional three points to qualify. Other than that one late payment, both of our credit reports are flawless. No lates, no collections, liens etc.

 

We are paying down debt very aggressively currently, which is the reason the scores are on the border line. We both assumed a lot of debt in our divorces a few years ago. The lender has backed out the debt our ex’s are responsible for in accordance with the divorce decree for lending purposes, but obviously that doesn’t help with the score.

 

My question is, does anyone have any experience with Wells Fargo and their willingness to remove the late, for an account that has never been late and in good standing? I realize it is a late payment, and if that is their stance I can understand that, but I’ve heard mixed things on lenders removing a late payment on an account that is perfect otherwise. All I need is 3 points, and that should do it.

Share this post


Link to post
Share on other sites

I have no history w/asking that particular lender.

 

But, since she is (according to the divorce decree) no longer responsible, AND because the mtge was current the entire time she was, that may be the tactic to use in your goodwill letter. Start by pointing out all the good stuff, add in the "Ex became responsible as of XX/YY/20XX," and end with, "pretty please with sugar on top."

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this