How does an owner financed mortgage that went through a closing and is actually being financed by a person; be reported to the Credit Bureau? Do they have to legally?
An owner finance cannot be reported because in this case there is no third party involved. By third party I mean a creditor, a lender or a mortgage financing company.
Carol - Your answer is not actually correct. There is a lender, the owner and there is a creditor, the individual. All that is missing is a party licensed to report to the credit bureaus. Personally, I think that is farce.
Hi Arya
An owner finance cannot be reported because in this case there is no third party involved. By third party I mean a creditor, a lender or a mortgage financing company.
Follow-up
Carol - Your answer is not actually correct. There is a lender, the owner and there is a creditor, the individual. All that is missing is a party licensed to report to the credit bureaus. Personally, I think that is farce.