Posted by Bryan on March 01, 2010 at 19:20:40:
In the last three months, I have had two hard money loans default (one full foreclosure and one deed-in-lieu). In checking with the credit unions, they require a crazy number of transactions before you can report to them. Do any other private lenders have other ways of reporting problem children to the credit bureaus? Perhaps through one of the rental credit scoring outfits?
Just to be clear, I have had a number of similar situations in the past where I didn't feel it was necessary - just a business transaction gone bad. But when a borrower strips the appliances and leaves all the windows open during a storm, well, all bets are off.
And yes, this is why we have such high interest rates!
- All recorded foreclosures reported John Merchant 00:14:13 03/09/10 (0)
- Reporting HM Foreclosure to Credit Unions christopher w 09:26:28 03/02/10 (0)