I am at the mortgage process step and all the previous state have been completed successfully. I had an joint account with a friend which was unpaid for 11 month and i was not aware of it. All of my other account does not have serious DELINQUENCY and this is the only account that has issue. does the lender rejects the loan approval if i have this many late payment on one account?
Typically an account with 11 late payments would probably cause a denial. However, if the account has since been paid off in full, or brought current and paid on time for the last 12 months, it would no longer be a factor. Also if you can provide evidence that the other person was hiding the fact from you that the account was not being paid, it may be possible to ignore it since the deception would have put it beyond your control.
The only way to find out for sure to to work with your counselor. Write a Letter of Explanation detailing what happened and what steps you have taken to make sure it never happens again and submit it to your file.
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This reply was modified 7 months, 1 week ago by TTrumble.