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 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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 Posted: Thu Mar 26, 2009 1:15 pm Post subject: |
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call your tax advisor if you have one, or check with the irs directly. those are the two best sources of information for this question.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Brenda
Guest
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| Posted: Tue Sep 15, 2009 5:41 am Post subject: credit check for owner finace |
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| In 99% of owner finace there is no credit check most that are purchacing this way already have challanges so the advisor of the get credit check should retract and know that this is why they are purchacing this way in order to clear up issues and yet have the ability to purchace a home. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Sep 15, 2009 6:50 am Post subject: |
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brenda, my stance is that someone offering owner financing ought to know what kind of borrower he is dealing with. if i had the wherewithal to lend and was approached, i would absolutely insist that i be made aware of that potential borrower's credit record. it would be foolish not to do it.
and i recognize what you're saying about those who use this type of financing...i simply encourage owners contemplating offering these loans to be cautious.
i don't think urging caution is something i need to retract. but i won't anyway.
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George M. Akerley
Loan Consultant
860-221-5044 |
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