if my owner financed house goes to foreclosure will it hurt my credit?

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is an owner financed home a credit builder will it affect your credit if you can no longer afford it?

  1. Reply
    Luke F
    November 10, 2011 at 10:56 am

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  2. Reply
    Vic J
    November 10, 2011 at 11:06 am

    In order to report to the credit bureaus, a person or business must register with the bureaus and have a minimum of 100 reports to file per month. Only a collection agency or large business would be able to do that.

  3. Reply
    Jennifer E
    November 10, 2011 at 12:00 pm

    It can if the owner has the ability to report it to the credit bureau. Usually this is not the case, however if the owner sues you and gets a judgement against you for what you owe on the house minus what it can be sold for then that will go on your credit report.

    Before you get to that point though, you may ask the owner about a short sale. This is not usually successfull in an owner financed situation, but if they are willing to take less than what you owe from another buyer you may be able to work it out with them.

    Good luck.

    If you are having trouble with $ $ right now I highly suggest you check out DaveRamsey.com He teaches personal finance and I took the course about 3 years ago. It has made all the difference in the world for me. A lot of the information on his site is free including the webcast of his show where he gives a lot of information about forclosures and how to handle them.

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