 What happens at the end of a fixed rate mortgage? |
| if at the end of five years fixed rate I am still in negative equity, would i just go on existing lenders variable rate for next 20 years or would there be a problem?... |
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 What is the etiquette in dealing with Real Estate agents? |
| We are first time home buyers and have never used a real estate agent before. What is the etiquette in dealing with an agent, do you choose one and stick with them or go to a number of agents and ... |
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 I want to refinance a 1st mortgage and a 2nd which is a equityline that is with a another bank. need help? |
| Can i pay them both off with a refinance from home is we have enough equity in home. I am told i need to pay a .5 point fee to convert an equity line to a cashout loan since this loan is not a ... |
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 I'm on month-to-month lease agreement. How much I've to pay if I'm going to move out middle of the month? |
| I live in Glendale California, and I plan to move out on 15th of Feb but I've to pay rent on 1st every month, so on Ferbruary I have to pay rent for the whole month? ($1795) or I can pay only $92... |
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 I'm looking at building a new house next spring. Should I look at selling my house now & move to an apartment? |
| I have a wife & 3 1/2 year old son and, we want to be in a good position and not have to worry about selling this house once the new one is built. Renting would save us about $3-500 per month ... |
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 Inland empire, So. california, who are the best mortgage bankers, name top 3 please? |
| I wish to add a borrower with 701 median fico, relative, have 510 median fico, want max cashout, primary and rental property both to be refinanicaed, and stated income for both of us. Urgent, as ... |
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 Is it better sell my house by owner ans offer 5% to the buyer's realtor?or go to a reputable real estate co? |
| A local realtor in a gated community averages 1 sale per month in that community. is it better to list my house (water view, 1 mile from the beach and listed below market price for 2 months with ... |
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 What does 80/20 mean in mortgage terms? |
| I SEE PEOPLE TALK ABOUT 80/20 IN MORTGAGE TERMS WHAT DOES IT MEAN? AND HOW DOES IT WORK?... |
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 How long should I wait before lowering the price of my home? |
| (TX.) I am moving out of state in 2 mos. My home was listed with a local realtor for $195,00. Two offers have came in one @ 189,000 & one @ 176000. Currently, there's about 8 other homes ... |
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 If I find a dead body in my newly bought home, can I keep it? |
| This house I just bought is rather old, and the realitor guide must've missed checking all the rooms fully because I found a hidden closet space. And it there was a dead body of someone fairly ... |
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 Can you get a mortgage without a credit rating? |
| Me and my boyfriend want to move out this year but I don't think we will be considered for a mortgage because neither of us have a credit rating. We have never had loans or credit cards, the ... |
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 How long should it take to build a house, and how many contractors can work at the same time? |
| My husband and I are finally ready to start bilding our house. My father-in-law started building his house in June 2006 and didn't finish until June of this year. It took him a year to build ... |
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 Can I break an apartment lease by presenting a dr's note stating the apartment stress is affecting my health? |
| I am living with two roomates in an apartment that we all signed a lease for. I would like to get out of the apartment because Im not getting along with my two roomates. If my doctor provides a note ... |
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 How can I sue my mortgage broker without going broke? |
| I was taken for a ride by a mortgage broker. He lied to me about the terms of my loan, lied on my application about my income, and lied about numerous other things. Now I am stuck in a horrible loan ... |
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 What does a real estate agent/realtor do? |
| I want to get a realtor license when I turn 18 the summer. I just want a basic explanation of what the job is and how money is made.... |
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 Lawyers! I'm trying to move out of my appartment but they said there is a "no winter move out clause" ?? |
| My lease began 03/01/05 but under the "Lease Period Ends" it says "N/A". I plan to buy a house and was told that I have to give a 60-day notice but the 60-day notice cannot expire ... |
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 Real Estate Problem/ Dispute? |
| If you have a written contract for a property/ real estate and the buyer(supposed buyer) breaks it by not paying, can I enforce that contract? And get the property back since he didnt pay for it? The ... |
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kiki72404 | Owner financed home, can they report to credit union? how? |
My husband and I are buying a home from a personal seller. Everything is official, we have a legal binding contract, and everything. We just make payments to them, instead of getting a bank loan. We want to know if they can report us to the credit union, and if so, how do they do so? We have been making payments on time for 2 years, and have 5 to go, and that would greatly help both of our credit scores. Thanks for any help!
Additional Details
The house is in our name, as is the home and flood insurance, which we paid. They are willing to report for us, and I would very much like for them to. And, umm, I don't know what you are talking about "yep, its illegal" enjoy ur 2 points that u didnt really earn. |
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timberline06450
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You might want to check with an attorney. |
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JCA
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Yes and no.
Most "owner financing" is done when people can not finance the traditional way -- through a bank or mortgage company.
You can ask this person to report your "good credit" to the 4 major credit bureaus so it will be posted to your credit file. That letter can also be taken to any lending institution when applying for a loan and your credit record is showing -- little or no credit.
Make sure you get a "paid in full" invoice on your last payment. Also make sure you get "clear title" on the property when you make the last payment. These two things can cause you more trouble in the future. It's his house until you have legal clear title. It will cost him money so he may try to treat it lightly and just tell you, don't worry it's your house. No it is not until you have "clear title in your possession". |
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Deliah
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One question comes to mind do THEY still have a mortgage on the property or is it paid off on their part.
Was there a title search, inspection and all the normal home buying aspects?
IF there is still a mortgage then the first responder that mentioned illegal could be close to the truth unless their bank approved.
It would be expensive for an individual to report to the Bureaus but why not call one of them Transunion, experian, and the other escapes me and ask them how one does this. |
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united9198
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I would assume that you are buying on a Land Contract or other such agreement in which the home remains the property of the seller until you have paid 100% of the loan. In that case, there would seem to be little or no benefit to the seller to report your payments to anyone. Should you miss payments or otherwise fail to meet the terms of your contract, the seller would be able to evict you with no recourse and you would lose everything that you have paid to date. |
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Tim
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They could, but they probably won't unless you pay late or miss payments. Anyone can report to the credit agencies. You just have to sign up with them. |
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MIND THE GAP
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Very few private parties belong to a credit bureau which is required to report to them. |
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src50
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You mean, I assume, the credit bureaus (not credit union). Commercial lenders pay for credit bureau services; I'm not sure if they will accept information from a personal lender. |
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helprhome
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Try the following website and see if it gets them and you on the right track. Keep the purchase agreement and copies of dated statements so that you can prove that you have paid on time. You Can get them from your online account. There may even be a place for you to NAME The payment so you can refer to it when you need to do so. Also if you are in a god place right now with the mortgage rates this low you may want to look into a lender type mortgage now or at least before the election. The rates traditionally stay lower before an election and start to increase after. You have until November to consider it. Good Luck! I'll bet if you have been on time and can prove it you may get that loan now! |
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smallerballer007
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yup its illegal |
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