Help!

[Anonymous]

Help.............  Mortgage Company will not report my positive payment history as I am trying to rebuild credit history. ANY Ideas Please email me at [REMOVED]

Message Edited by Timothy on 02-23-2008 06:17 PM

[sunrise]

How long has it been since you have had your mtg?  Some companies wait several months to actually have something significant to report.  Also, sometimes mtg's are sold right after you close on the loan and you have to wait for all this info to be transferred and processed...and again wait until you actually have history to report.

If it is an aged acct. 6 mo's or more, call them...I have never heard of a mtg. co. not reporting at all.

I bet if you are 30 days late they will surely report, then!!  I DON"T suggest this though!!

[jamesac2]

The loan was originally with Chase who reported monthly. The sold the account in 2005 to 21st Mortgage and they come up with excuses for not reportly positive payment. I have read and baically this is a tactic that prevents other Mortgage Companies from getting your name and trying to get you to refinance. This allows the current Mortgage Company to hold your load at a high interest rate.

[sunrise]

If you are inquiring about a re-fi, you will need cancelled checks or proof of pymts to the current mtg holder.  Also, a potential lender will verify your current mtg, and that all pymts have been received on time, by contacting your current lender.

You are just missing out on the advantage of having a mtg listed in your mix of credit.

It is ridiculous that they won't report.  But, as I said before...if you are late...they will most definitely report!

If your rate with your current lender is high, a mtg broker/lender can help you re-fi and get through the fact that your current lender isn't reporting!

[ShanetheMortgageMan]

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jamesac2 wrote:

The loan was originally with Chase who reported monthly. The sold the account in 2005 to 21st Mortgage and they come up with excuses for not reportly positive payment. I have read and baically this is a tactic that prevents other Mortgage Companies from getting your name and trying to get you to refinance. This allows the current Mortgage Company to hold your load at a high interest rate.

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True, if your payment history has been on time then it would definitely be beneficial for you if they would report your mortgage history to the CRA's, however they are not required to.  If they don't have the capacity to report to the credit bureaus then they wouldn't, or perhaps they they do not want to incur the costs a creditor takes on when they decide to report to the credit bureaus... you could ask if there is a monthly servicing fee you could pay in trade for them reporting the payment to the bureaus.  If you are looking to refinance, then like sunrise pointed out, the loan officer helping you out with the new mortgage would be able to obtain mortgage payment history directly from 21st Mortgage.