Missed Payments

Recently, I got this message from a concerned reader in Memphis.

Dear Bag

I'm a real estate investor.  My wife pays the bills and I just got turned down for a loan because the lender said one of my mortgages is reporting 60 days late.   Now I've never had a late payment before and I'm deeply concerned.  What are my options here? 

                                                               Worried

Dear Worried:

I am guessing from your message that your wife probably 'forgot' to send in those pesky mortgage payment.  If this is the case, the first thing I would do is open a bottle of good wine, and don't worry: you can toast all of your on - time payments as your good credit score waves goodbye to you.  It should only drop about 200 points minimum, nothing to be TOO concerned about.

As far as your wife goes, ask the following questions:

1) Why did you miss the payment?

2) How do you plan on 'handling' this?

3) Do you plan on taking care of all of the family finances from now on since I cannot get a loan for the next two years? And if so, will you be getting a second job since YOUR credit is still unblemished?

Other than that, I have heard you can call your lender and beg them to take it off your credit report.  Good luck with that.  Alternatively, you can give them back all of your houses and flee to Panama.  Anita's Pizza by the Exodar bookstore on Villa Espana still has 80 cent beers and 3 dollar pizzas.

Cheers!

The Bag