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How do I get seller financed mortgage on my credit?

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Laurienj

Junior Member
What is the name of your state (only U.S. law)? New Jersey

This maybe too late as we just made our last payment on the mortgage. Is there any way we can get the satisfied mortgage on our credit? We paid for 15 years and it's paid in full. My credit does not show that we were ever homeowners. Almost impossible to try to get equity loan. What can we do (or the sellers do) to get it on our report?
 


jdbofky

Junior Member
The credit reporting agencies do not accept credit information reports from private individuals on individual contracts.
 

adjusterjack

Senior Member
Almost impossible to try to get equity loan.
Why the hell would you want to encumber your home which is now owned free and clear?

Pardon my bluntness, but it would be a damned fool move.

My brother refinanced his home several times. When he died the home was worth half of what was owed on it and it almost bankrupted my sister-in-law.

My home has been free and clear for 18 years now and I would never again put myself at the mercy of a bank or mortgage company.

SMH.
 

Laurienj

Junior Member
Why the hell would you want to encumber your home which is now owned free and clear?

Pardon my bluntness, but it would be a damned fool move.

My brother refinanced his home several times. When he died the home was worth half of what was owed on it and it almost bankrupted my sister-in-law.

My home has been free and clear for 18 years now and I would never again put myself at the mercy of a bank or mortgage company.

SMH.
well considering the cost of college and I have 2 in high school and one a jr in college, a loan would help with the cost. I obviously can handle my finances as I was able to pay off my mortgage in 15 years and pay my property taxes (which is double what my mortgage payment was each month) but thanks for your concern...
edited to add, we do not qualify for financial aide. Only direct loans, Scholarships and what we have in the bank is what has been paying for 3 years at University of Miami.
 
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FarmerJ

Senior Member
All though I too would leave it alone if I had a home paid off and yes I too had two places that were bought on contract for deed just like yours. Are there any of your relatives who are well enough off that they would enter a formal loan agreement with you regarding this home where they are the ones who re finance you ? Other wise its possible you may have to do the talk to the kids about every one just going to trade school , machinist , welders, electricians , plumbers, nursing jobs are not going to go away any time soon.
 

adjusterjack

Senior Member
you may have to do the talk to the kids about every one just going to trade school
Or, send them to a local college in New Jersey, pay "in-state" tuition, let them commute to school, and work part time.

Another idea: They can enlist in the military and Uncle Sam will contribute to their education.
 

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