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When a rental or mortgage payment is made in the month following the month that it is due, it is considered Late. Specifically, 1x30 days late. If it is made two months down the road from when it is due, it is a 60 day late. If you are 30 days late, make one payment, but can't catch it up, that is a "Rolling 30" day late.
Ok so when I'm going through the house buying process, the underwriter/banker would not look or use against me anything that is not 30 or more late when trying to get approved for a mortage?
Yes - now, you need to fully document rent payments. This means if you are paying in cash or money orders, things can get dicey.
The optimal circumstance is if you rent from a Property Management company that will provide written confirmation of rental history. And you have paid rent with actual checks that you can get copies of from your bank. Next step down is you pay rent in checks to an individual. The more informal the agreement, the tougher things get, say, if you pay rent and utilities together so you can't get 12 identical checks, or you pay in cash to some dude.
Yes - now, you need to fully document rent payments. This means if you are paying in cash or money orders, things can get dicey.
The optimal circumstance is if you rent from a Property Management company that will provide written confirmation of rental history. And you have paid rent with actual checks that you can get copies of from your bank. Next step down is you pay rent in checks to an individual. The more informal the agreement, the tougher things get, say, if you pay rent and utilities together so you can't get 12 identical checks, or you pay in cash to some dude.
Well right now I pay through one of those online rent payment sites that forwards the rent to my LL. That should work right?
When getting a mortgage and they ask to verify rent or whatever. Do they check for 1 day later /1 week/ 15/days /30day later?
What exactly do they look for when verify. Know in my state we have a grace period of 5 days. Have heard some banks only check for 30 day later
Will be buying a house soon and trying to get an understanding of this?
Normally they just verify that you lived at the place for 2 years, they don't want to sell to someone who moves every 6 months. They have to tell you why it's declined and if it's because the LL says you were late when you weren't then that's a problem where you can sue the LL. If it shows up on your credit report it's an issue. Normally the grace period is 5 days so it's not late if it falls in that timeframe also some people who get Social Security don't get the money until the 3rd so if they don't have more money in the bank they can't pay sooner.
Oh I have a similar question. My landlord is one of my neighbors and I just pay him with a check every month. But some times he is gone on vacation or gone out of town when rent is due so I just pay him when he gets back. He is never worried about it as he likes being as free spirited as he is and he knows I pay my rent. Never any type of credit reporting. But some of my checks are dated on the 10th-15th as that is the earliest I could catch up to him. Do they look at the dates of the checks written even when the landlord is not complaining as he was the one unavailable to take the rent? Heck after the 15th I will just put it in a baggie and slide it under his door. I've lived here for over 3 years.
Oh I have a similar question. My landlord is one of my neighbors and I just pay him with a check every month. But some times he is gone on vacation or gone out of town when rent is due so I just pay him when he gets back. He is never worried about it as he likes being as free spirited as he is and he knows I pay my rent. Never any type of credit reporting. But some of my checks are dated on the 10th-15th as that is the earliest I could catch up to him. Do they look at the dates of the checks written even when the landlord is not complaining as he was the one unavailable to take the rent? Heck after the 15th I will just put it in a baggie and slide it under his door. I've lived here for over 3 years.
I think they would care more if the rent was late, you can explain and show that you pay every month are not charged late fees or don't have to pay twice the next month for a missed month. You can always write your checks on the 1st of the month regardless of when you pay them. I've had LL not cash checks for a week or two but I always wrote and gave them on the first few days of the month. banks are looking to stay clear of deadbeats and not people who made arrangements to make things easier on each other which can be explained.
Oh I have a similar question. My landlord is one of my neighbors and I just pay him with a check every month. But some times he is gone on vacation or gone out of town when rent is due so I just pay him when he gets back. He is never worried about it as he likes being as free spirited as he is and he knows I pay my rent. Never any type of credit reporting. But some of my checks are dated on the 10th-15th as that is the earliest I could catch up to him. Do they look at the dates of the checks written even when the landlord is not complaining as he was the one unavailable to take the rent? Heck after the 15th I will just put it in a baggie and slide it under his door. I've lived here for over 3 years.
For anyone reading here, ALWAYS, ALWAYS, ALWAYS date checks for any debt prior to the due date or before date considered late....even if you hold it for a week. (Including utilities). Yes, the date you write the check is noticed. You can't control what others do, but you sure can control what you do. You never can predict what a ticked off landlord will do, nor what will turn the landlord into a raging maniac. You can't go back and recreate checks you wrote a year ago. And what seems like a wonderful relationship now, can turn on a dime, as soon as notice to leave rental can be delivered. 1stimestar, you describe a warm and fuzzy with your landlord, do everything you can to keep it in place, because I've seen the landlords flip out at walk-thru on the move out. Five year old cheap carpet with normal wear and tear is suddenly the reason your security deposit is not being refunded.
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