Can I change this? If so How?

Anonymous · ‎10-30-2007

I got my first home (manufactued home) in 2003. When we applied they told me because of my terrible credit I could not get it. Then we tried with a co-signer and again was denied. They told us the only way to do it was for my cosigner to do a "buy for". Basicly the home is under my cosigners name, but I make the payments. How would I go about trying to get added on to the account since I'm the one making the payments. That way this home can be added to my credit. I've never been late or missed any payments.

Also the home was 45,500 and now the balance is 32,450. And the loan is from Origin Financial.

Anonymous · ‎10-30-2007

lisalou wrote:
I got my first home (manufactued home) in 2003. When we applied they told me because of my terrible credit I could not get it. Then we tried with a co-signer and again was denied. They told us the only way to do it was for my cosigner to do a "buy for". Basicly the home is under my cosigners name, but I make the payments. How would I go about trying to get added on to the account since I'm the one making the payments. That way this home can be added to my credit. I've never been late or missed any payments.
Also the home was 45,500 and now the balance is 32,450. And the loan is from Origin Financial.

If your credit has improved enough to get it financed yourself....I believe you would need to finance it as a new purchase. But im only guessing

Anonymous · ‎10-31-2007

No, my credit is not good enough to do that. I thought that maybe there was a way I could get added on. The same way someone gets added on to a CC. Any ideas?

Creditaddict · ‎10-31-2007

you can't be added to mortgages like you can credit cards. but after making 12 months of payments, call your bank or a mortgage person about refinancing the house. Banks consider your payment history with the same mortgage your trying to get as STRONG record of paying on time. Usually a refi into a house is a lot easier then buying outright. That's why you do contract to deed and things like that... you own it but can't finance it into your name for usually 12-24 months.

But while doing that and building to that time, you need to start fixing what's wrong with your credit.

Anonymous · ‎10-31-2007

Have the person who bought it for you check with their bank. They may be delighted to have an additional person they could come after if something went wrong. I'm not saying Creditaddict is wrong but it certainly isn't logical that they couldn't add you as a guaranteer and report it on your credit report.