Posted on: 11th Sep, 2011 11:10 pm
I took out a mortgage in the year 2007 and paid off the mortgage payments regularly. Few months later, the mortgage was transferred to another bankwho did not report the mortgage payments on my CR. So now my credit report lists me with no mortgage. Should I ask them to start reporting it? On one hand, I know excellent payment history on a mortgage is good on the CR, but if it reports, won't it affect my debt to income ratio? Any ideas/recommendations are greatly appreciated!
Hi Barbel,
If you are paying the mortgage payments on time, then you should definitely ask them to report the payments to your credit report. This will have a positive impact on your credit report and will also boost up your credit score.
Thanks
If you are paying the mortgage payments on time, then you should definitely ask them to report the payments to your credit report. This will have a positive impact on your credit report and will also boost up your credit score.
Thanks
You should have the credit companies report your mortgage. Once you want to refi or purchase another home, then you would have to jump through hoops on why the loan was not reported all this time. Best bet is to be safe then sorry. Contact them to report all the past months as well...Good luck
Hello babel! :)
In a non-recourse state, the lender is made whole by the return of the property. In that case, why is there a moral obligation to do more than make the lender whole? Since when is providing surpluses to the lender an ethical burden placed on borrowers?If the lender does not believe that they will be made whole by the return of the property, they should impose higher downpayment amounts. :wink: :arrow:
In a non-recourse state, the lender is made whole by the return of the property. In that case, why is there a moral obligation to do more than make the lender whole? Since when is providing surpluses to the lender an ethical burden placed on borrowers?If the lender does not believe that they will be made whole by the return of the property, they should impose higher downpayment amounts. :wink: :arrow:
