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Parent Financed Mortgage

My son has a Short Sale on his credit record. He accpeted a job transfer, that necessitated that he sell the house. To assit him, my wife/ I provided him with the mortgage funding, for another house. He pays us monthly.

My question is: Is there any way we can have his "Payments As Agreed" appear on his credit histroy, as maintained by the various credot bureaus. Obviously his payments are significant, but not now positively influencing his (damaged) credit record.

Thanks for any info - dave (in CT)

NOTE: We did use an attorney to arrange his loan, and it is recorded with the local City Clerk.

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Have you any proof of his on-time payments? If so, I would go to some local banks with that proof of on-time payments and see if they would be at all willing/interested in providing a mortgage for him. Also, if you agreed to co-sign the mortgage agreement, they might be much more willing to give him the mortgage, and then his on-time payments to the local bank would be reported to the credit bureaus(sp?) and would start to improve his credit rating.

Reply to
hrhofmann

Thank you, for your response.

Actually my wife/ I funded 100% of their mortgage, from personal funds. Thus we are not really "co-signers". Their mortgage loan is registered with the city. Their CPA will file annual, IRS, mortgage interest statements .

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I just recalled that, when someone owes you money and is paying you on a regular basis, some banks will set up a collection account and do the work (billing, accounting) for you. I don't know if that means the bank will report to a credit reporting agency, but you might ask and see.

Reply to
Stuart A. Bronstein

Thank you, for the advise. For sure I will ask our bank if it offer's such a service!

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