Late payments = no home loan in the future? Anyone know?

[stephknowles]

Our situation:

We have a growing family w/ a small home. We just contacted Chase and printed out the loan mod papers and we aren't late on our mortgage payments yet..its getting harder to do so though.
Anyone's experience- will it be hard to get a home loan in the future (4-5yrs) if we are late on our mortgage payments before doing a loan modification?

[BobandArlyn]

Gosh, I think it is hard to say. My personal belief is that foreclosures, late payments, bad credit during this crazy time period is going to be looked at in the future not as bad as we might think because of the economy, bank failures, etc. Just my opinion.

[vlove705]

In 4-5 years, I don't think it will be as difficult as some think to get a home. I am an underwriter so I look at credit bureaus all day long and I see people with multiple foreclosures in their past and yet they have an open mortgage now, so I wouldn't worry about it. And late payments do not stay on credit forever, so once 7 years has passed, then they will be gone anyway.

[briknope]

How about just taking a foreclosure hit and paying higher interest on a mortgage for the same quality/size house for 1/3 of what one's mortgage is currently?

[BudgetCutsinOC]

My opinion,,,,,
From talking to Chase over the phone if you are more than 3 months late then it MAY start afftecting your credit. You need to STOP making payments if you want any help BUT you have to have a DOCUMENTED hardship.

I have missed 2 payments and my FICO is sill 720,,, so I dont think these banks are quick to run to the credit raters ans damage your credit.

They key is once you stop paying your mortgage,,,, hurry up and get approved for a Trail plan,,, NOT A FOREBEARANCE !! try to get it done w/in 1-2 months,,, then it should not affect your credit.

[Chased around and around]

Trust me on this, once the banks get caught up, they will ding your credit.

30/60/90 lates will account for up to -300 on your FICO.

2/3 of your FICO is paying on time and credit you have in your name...