I am buying my house, it is in my name but the owner is financing it himself at 10% . He can't out how to report my payments. They told him if i didn't pay it could be reported then. I have been paying 7 yrs.
2007-02-27 16:27:19 · 2 answers · asked by lectric lady 2 in Business & Finance ➔ Personal Finance
I tried to refinance but can't prove my income and most houses have to be valued at 60,000 or more. my house is valued at around 45,000. I think he owns house free and clear. All payments are made to him
2007-02-28 07:00:00 · update #1
O.K., you're paying the owner and then the owner is paying on a loan? The only thing the owner can do is give you a credit reference. What you need to do is make sure you pay the owner by check or get a receipt everytime you pay a payment so you can show your pay history.
2007-02-27 17:07:22 · answer #1 · answered by annazzz1966 6 · 0⤊ 0⤋
Unless he has other loans, he can not report to a credit agency. Do you mean the interest rate you are paying is 10% or that the loan he holds is 10% of the total price. If you are paying 10% interest, you should refinance.
2007-02-27 16:57:37 · answer #2 · answered by VATreasures 6 · 0⤊ 0⤋