Yes you can erase your Bad Payment History on your home mortgage, but many people are unaware of this. A friend of mine done this, so i will let him recount the story:
Hi i’m Jeff, we negotiated with our mortgage lender a few years ago, and they actually erased our bad credit history!
This was shortly after the hurricanes wiped out much of south Louisiana a few years ago. We had many family members that lost their homes, jobs, cars, and virtually everything. At one point in time, we had over 30 people living with us, as our home was not destroyed. To say the least, this put a huge strain on us financially. We went three months with paying our morygage after it was due. It’s not that we wanted to be late on paying our mortgage, but we were desperate, and we had to help so many others that were way worse off.
About a year later I was talking to my mortgagor. He was looking over my payment history, and he noticed those several loan payments that were late. He asked me what happened. I explained that we were late on paying our mortgage because we had to help others. We negotiated back and forth, and he finally decided that he would just erase the bad payment history. All of a sudden our credit rating went from just so-so, to outstanding!
I can’t tell you how thrilled I was, and I learned a few really good lessons. If you are late on paying your mortgage, or you’re just in a bad financial situation, you should contact your lender and ask them for help. Little did I know that they could actually reverse a bad credit report to the credit bureau. In the long run, this saved us a bunch by lowering future loan rates, and all it took was a bit of negotiating.
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