I have been laid off for a few months now but my wife works. I have been late all year on my mortgage .?

Question

Can I still get a mortgage for another house if I have alot to put down towards it. When I go to sell my current house I will make alot of money to put down. Can anyone give me adivce. I am just stress and need a little piece of mind. Thanks

Answer 1

when you say late,,, there are parameters
usually the payment needs to be there by the1st of the month, with a grace period of the 15 th w/out late charges. if you wait until the 30th you pay late fees and so far many lenders wont report you because technically you are not late.when you get into the next month it is called 1 time in 30 daysif the lender reports you,,,, they dont usually if its only a couple of times. now the new lenders look at your mtge pymnt history over any other pymnt history. if you have a lot of 1x30's but are current, doesnt look good, but they will work with you at a little higher %. now the 60days and the 90days are no-no's nad expect real high % financing because you are a higher risk.
remember, they are the real owners of your house, not you, they hold the deed. so if you default, they keep the house and your out on your can,,,,,,, whatever you do pay the house b4 any other bill.

Answer 2

If you're late on your mortgage, that will reflect poorly on your credit report. You may be able to get another mortgage but your interest rate will most likely be much higher. If it were me, I would stay put and start paying everything on time for the next six months, then try.