Is there a way to report the borrower’s timely payments to help them improvetheir credit or get approved for a mortgage?

We are selling our house via owner financing.

Asked on October 6, 2011 under Real Estate Law, South Carolina


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you are selling your home where you are taking back a promissory note secured by a mortgage or trust deed on your former home, you could write various reporting agencies advising them that the person who is buying your former home over time has been current on its payment as well as send back up documentation showing that this is the case.

Whether or not the credit reporting agencies are willing to report the payments by the borrower as to your loan on his or her credit report is entirely up to the various credit reporting agencies as part of each's custom and practice.

You need to be sure that if you are selling your home as part of a seller carryback transaction, you want your loan secured by a mortgage or trust deed preferably in a first secured position.

Good luck.

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