Posted on: 05th Oct, 2012 09:13 am
I had received a hard loan through Greyson Financial. I am currently paying 12% on $120,000 loan interest only. I did not relize at the time that they DO NOT REPORT anything unless it is bad. I have not missed a single payment and found that My credit score would be in the 640 range if they did. I do not have any credit card debt and my 2 year contract with them is about to come up in April 2013. When I first took out thisMortgage it had cost me OVER $10,000 in closing costs. I am expecting they will do the same thing again here in April. I love my home and do not want to sell and move. I have ALOT of equity in my home and need to know if there is a way for me to get these payments reported? Any information Would be great. Thanks
If you are only worried about your credit score, what is it at the moment? With a 620 score, equity and proveable income, you should be able to find a loan. If you are trying to increase your score by the reporting of the loan, you would have to inquire with the hard money lender. If you are needing a payment history for the new loan, you can obtain a verification of mortgage from your current lender. If its a credit issue, obtain a secured credit card and have a person you know add you as a authorized user, which will help your credit standing...
hi cshelden,
as you have equity in your property, you can try and refinance the mortgage with normal conventional mortgage. if you meet all the required criteria of the lender, then getting a refinance will be easier. apart from that, they will even update the status of the account in your credit report.
thanks
as you have equity in your property, you can try and refinance the mortgage with normal conventional mortgage. if you meet all the required criteria of the lender, then getting a refinance will be easier. apart from that, they will even update the status of the account in your credit report.
thanks
If you are worried that your payment history is not reported by the agency and it is not updated in your credit reports then contact your lending agency and ask them to send the update to bureaus or get your mortgage loan refinanced by the agency.
I suggest the solution to your problem can be obtained only by proper discussion with your agency and listing all the transactions and proofs of the loans with its registration in the departments related to it. Making this official will save you from any problems you think to face.