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Reporting Privately Financed Mortgage?

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RKBAGUY
Valued Member

Reporting Privately Financed Mortgage?

I'm just beginning the process of repairing my credit which is particularly bad.  Presently my score averages about 515 across the three bureaus, but there is a paid off car loan (which had delinquencies) that I think can come off, a judgment that was reversed by court order that I have not yet addressed, and a Chapter 7 that will be 10 years old as of next month.

 

Because of my lousy credit, and the fact that I'm self-employed so my income is not accurately reported (if it gets reported at all) I was not able to obtain a bank-held or FHA (traditional) mortgage.  I found a private party to finance my home purchase in April of '10, and I have paid like clockwork not missing a sigle installment over the nearly five years I've been here.  I am wondering if that information can be reported to the three agencies in any way, and if so, whether or not it would hurt or help.

 

Just curious to know if anyone had some advice on whether to pursue this possible strategy, and if so, how to go about doing so.

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3 REPLIES 3
ezdriver
Senior Contributor

Re: Reporting Privately Financed Mortgage?

Only if you can convince the mortgagor to set up an account with the three credit bureaus and then report your payments accordingly.

 

I am curious about why you are choosing to break the law by not reporting your income ... accurately. Care to share your reasoning for doing that?

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RKBAGUY
Valued Member

Re: Reporting Privately Financed Mortgage?


@ezdriver wrote:

Only if you can convince the mortgagor to set up an account with the three credit bureaus and then report your payments accordingly.

 

I am curious about why you are choosing to break the law by not reporting your income ... accurately. Care to share your reasoning for doing that?


Just came across this.  Any opinons on this outfit?  Seems they're an independent 3rd party mortgage service company that reports to the three bureaus.  Might be a good tool for those of us who are privately financed.

https://www.nationalfamilymortgage.com/

 

 

 

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StartingOver10
Moderator Emerita

Re: Reporting Privately Financed Mortgage?

That link you provided doesn't say that they report the loan at all. If you read the information it talks about registering the loan. Most real estate loans, even private loans, have a written note and mortgage where the mortgage is recorded against the property ("registered" in their words).  The documents are provided by an attorney typically as part of the normal closing service.

 

I don't see where this outfit provides anything else of value except for potentially the escrow service for taxes and insurance.

 

I would rather have a private loan when possible. Reporting your mortgage loan may or may not help your score. If you want to have your loan reported then refinance with a mortgage lender. But first you would need to get your income tax situation resolved as EZ mentioned. That is a whole different issue separate from a mortgage.

 

 

 

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