Late Payments

Your credit report lists your different credit lines maintained by you over the last several years.

Each credit line is usually listed as having been paid on time, or having been late by 30 days, 60 days, 90 days, or more.

Your credit report will list how many times you were late in each of these categories. The credit report will also list the month and year you were late on a payment, and by how many days.

For example, you may have been late twice by 30 days on your mortgage and once by 60 days.

Your credit report will list the months in which you were late. For example, if you were late twice by 30 days in April 2005 and January 2006. Your late payment by 60 days was in June 2006.

In this way your credit report will show how late you were specifically.

Many mortgage lenders can handle a borrower who has been late by 30 days occasionally. This can be passed off as accidents.

Some lenders will not refinance you if you have 60 day or 90 day lates.

There are, however, specialized mortgage lenders who will work with borrowers who are very late on their mortgage.

If you have equity in your property you will have more leverage to get your refinance done.

Also, if you are able to do a “full documentation” loan where you can document your income, assets, and employment you may have a better chance of being approved.